According to data from the Portuguese National Institute of Statistics (INE), foreign buyers purchased 41,086 houses and apartments in Portugal in 2025, a 6.6% increase from the previous year.
Brazilian citizens became the largest group of foreign buyers. In 2025, they purchased 9,808 properties, a 27.5% increase from 2024. Angolan citizens ranked second with 4,145 purchases, a 2.2% increase. The French took third place, purchasing 3,765 properties, a 6.2% decrease from the previous year.
According to INE data, foreign buyers with tax residency in Portugal completed 34,834 transactions, an increase of 11.4% compared to 2024. At the same time, purchases by non-residents declined: foreigners without tax residency in Portugal purchased 8,471 properties, which is 13.3% less than a year earlier. This marked the third consecutive year of declining activity among non-residents.
This gap indicates a shift in the structure of foreign demand. The Portuguese real estate market is increasingly relying not on traditional foreign investors, but on foreigners already residing in the country. These may include migrant workers, relocators, families with long-term residence permits, and members of diasporas, primarily Brazilian and Angolan.
Foreigners, as before, are purchasing more expensive properties than local residents. According to INE data, the average value of real estate purchased by buyers with tax residency in Portugal was €234,120. Buyers from EU countries paid an average of €335,640, while buyers from non-EU countries paid €470,277 per property. British and American buyers purchased particularly expensive properties: the average transaction price was €512,585 and €479,403, respectively.
Geographically, demand from non-residents remains concentrated in the most attractive regions. In 2025, the Algarve accounted for 29.7% of non-resident transactions, the Northern region for 20%, the Central region for 14.9%, and Greater Lisbon for 12.5%. In terms of transaction value, the Algarve’s dominance is even more pronounced: the region accounted for 42.4% of total non-resident investment in housing.
The INE also noted strong growth among buyers from Ukraine, Cape Verde, and Venezuela: the number of transactions by citizens of these countries increased by more than 25% in 2025. However, the exact number of properties purchased by Ukrainians is not disclosed in the brief INE publication or in reports by the Portuguese media.
For Ukrainians, Portugal remains an attractive destination due to its safety, access to the EU, labor market, diaspora ties, and the possibility of long-term residency. At the same time, following the removal of real estate as a basis for the Golden Visa, investment demand has become less tied to obtaining a residence permit and more dependent on actual relocation, income levels, and long-term residency plans.
Thus, Portugal’s housing market maintains high foreign demand, but its structure is changing. Brazilians have strengthened their leadership due to linguistic and migratory proximity; Angolans remain an important group of buyers; and the French, British, and Americans continue to play a major role in the higher-end segments. Ukrainians are not yet among the largest buyers but are demonstrating one of the most notable growth rates.
