UK leads in luxury property interest

Data sourced from property portal idealista reveals that the largest proportion of searches for luxury homes come from the United Kingdom, amounting to 11.9 per cent of total international demand at the outset of 2024.

Following closely are the USA (11.2 per cent), Germany (10.2 per cent), Spain (9.2 per cent), and France (8.6 per cent).

This is a slight uptick from the UK compared to the previous year (up 0.8 per cent), while interest from the USA has waned (4 per cent down).

This was to be expected, given that the USA was one of the top nationalities taking advantage of Golden Visas from 2012 until September 2023, as reported by the now-defunct Foreigners and Borders Service (SEF).

Lower demand from US after Golden Visas scrapped

Despite the cooling demand from the USA now that Golden Visas have been scrapped, North Americans are still among the top 10 buyers, drawn to Portugal’s beautiful beaches, high quality of life, pleasant climate, and robust health and education services.

The other main customers for Golden Visas were predominantly investors from China, South Africa, Brazil and Turkey, which now represent less than one per cent of investment in the luxury sector.

Research indicates a substantial Brazilian interest in luxury homes in Portugal in recent years, accounting for 6.2 per cent of the total demand in the first quarter of 2024.

Brazilian investment has nevertheless decreased by 1.5 per cent from the previous quarter now that no more Golden Visas are being issued.