The number of domestic properties sold in Portugal increased in the first quarter of 2014 with foreign buyers representing 14% of the total, according to the chairman of the Association of Professionals and Real Estate Companies of Portugal (APEMIP).
"One factor this quarter was the increase in foreign investment, for example in the Algarve which began to sell more property," Luis Lima said today.
Estimates in the APEMIP report were that 24,000 properties were sold in the first quarter of the year and that based on a more detailed study to be presented shortly, the "increased foreign investment is not only at the Golden Visa price level, but also as a result of the non-habitual resident programme.”
According to government data 471 Golden Visas have been granted up to December 2013, "For me, the tax regime programme for non-habitual residents could be more important" (than the Golden Visa programme) said Lima, adding that the largest foreign investor group was the British.
"The Brits continue to buy, second are the Chinese and thirdly the French," said Lima.
"In some districts it is estimated that approximately 50% of transactions were for rustic properties," reads the APEMIP report which added that growth in the real estate sector is hampered by taxes.
