Portugal displays immense international buyer appeal
The number of homes in Portugal that were purchased by foreigners shot up by more than 70% during the first three months of 2022, according to the country’s National Statistics Institute (INE).
The figure reflects both the impact of the pandemic during the first quarter of 2021 and the huge surge in appetite for Portuguese property that followed. In total, 165,682 homes were purchased during 2021 – a five-year high.
At Palmares Ocean Living & Golf in the Western Algarve, which is owned and operated by Kronos Homes, it is Americans who are snapping up more properties than any other buyer group. Over the past two years, they have accounted for 25% of property purchases at the resort, while Portuguese buyers have accounted for 22% of purchases and British buyers for 14%. Other buyers have hailed from Germany, Switzerland, Belgium and the Czech Republic, among others.
The demand from international buyers for homes at Palmares Ocean Living & Golf (alongside interest from domestic Portuguese buyers) has been such that the luxury resort sold out its first phase of 37 Signature Apartments ahead of projections during 2021. The second phase of the apartments, consisting of 44 homes designed by the Pritzker Prize-winning RCR Arquitectes, is already 60% sold out. Construction is due to start in the coming months. All buyers enjoy annual membership for two people for the resort’s 27-hole golf course, designed by renowned American architect Robert Trent Jones Jr.
Resort living is front of mind for many of these buyers, according to the “Portuguese Resorts Market Report” from Confidencial Imobiliário and APR-Associação Portuguesa do Turismo Residencial e Resorts (the Portuguese Association of Residential Tourism and Resorts). Data from the report shows that resort home sales rose by 70% in 2021 compared with the previous year. Not only that, but they exceeded the number of resort homes purchased in 2019 by 30%.
“Owning a resort property provides so many benefits. It’s a wonderful way to experience Portugal while relaxing into the outdoors lifestyle, from spending time on the golf course to enjoying lazy days on the beach to dining outside in the wonderful Algarve weather. With everything you need on-site, owning a resort property is a great way to ensure a carefree holiday and indeed living experience.”
Alda Filipe, Sales and Marketing Director, Kronos Homes
