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28 June, 2022

Portugal real estate market statistics for the 1st quarter of 2022 according to INE

The house price index in Portugal rose by 12.9% year on year. Housing market statistics for the 1st quarter of 2022 were published by the National Institute of Statistics, INE.

The researchers note that prices in the secondary real estate market are growing faster than in new buildings, and the number of objects bought by foreigners has almost doubled.

Residence permit in Portugal when buying property
Photo: Adobe Stock

Dynamics of the real estate market in Portugal. 43,544 residential properties in Portugal were sold in the 1st quarter of 2022. This is 25.8% more than the same period in 2021.

Prices for finished housing grew faster than housing in new buildings. Compared to the 4th quarter of 2021, prices increased by 4.4% and 1.8%, respectively, and over the year – 13.6% and 10.9%.

By 25.8%
The number of real estate transactions has increased since the 1st quarter of 2021

Paulo Caiado, President of the Portuguese Association of Real Estate Professionals and Businesses (APEMIP), commented on the data from the National Institute of Statistics. In his opinion, they cannot be considered a full-fledged survey, since INE receives data from only 20 regions of Portugal.

The Idealista portal helps to get a complete picture of the state of the real estate market in Portugal, which collects statistics on real advertisements for the sale of housing. See how Portuguese property prices have changed in different regions in May 2022.

Foreigners bought 2,556 properties in the 1st quarter of 2022. Investors – citizens of the European Union purchased 1435 objects in Portugal, investors from third countries – 1121 objects. The total amount of transactions concluded with foreigners amounted to 842.2 million euros.

There are more foreign investors: real estate buyers from EU countries – by 72.3%, from third countries – by 79.1%.

How to get a residence permit in Portugal when buying a property

You can become a resident of Portugal through the purchase of real estate if you take part in the state investment program of residence permit - Golden Residence Permit Program. The program provides eight options for investment, two of them are the purchase of real estate:

  • new objects worth from €500,000;
  • objects for renovation with a cost of €350,000.

Investors can buy residential properties in the hinterland of Portugal, the Azores and Madeira. It is also possible to purchase commercial properties in any region of Portugal, including Lisbon and Porto.

Investments in real estate can be sold after five years and get the money back.

After five years in resident status, the investor and his family can apply for permanent residence or citizenship. At the same time, it is not necessary to live in Portugal: it is enough to spend seven days a year in the country so as not to lose the status of a residence permit.

Examples of investment properties in Portugal

Residence permit in Portugal when buying property

Share in a 4-star hotel managed by the Renaissance group in Porto. The investment project is designed for 95 investors. The cost of the share is €350,000

Residence permit in Portugal when buying property

Apartment in aparthotel in Alcácer do Sal, Alentejo region. The hotel is next to the Vale de Gaio River, giving the apartments scenic views. Cost — from €400,000

Residence permit in Portugal for the purchase of commercial real estate

Apartments in the center of Lisbon under management with a guaranteed yield of 3.5% per annum. Cost — from €350,000

Immigrant Invest is a licensed agent of the residence permit program in Portugal. If you want to become a resident of Portugal or travel around the Schengen countries without visas, please contact investment program experts for advice.

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Portugal real estate market statistics for the 1st quarter of 2022 according to INE