Foreigners Bought One in Four Homes Sold in Portugal Last Year, With Brazilians Leading the Charge

Fresh data from Portugal's National Statistics Institute paints a striking picture of who is driving demand in one of Europe's hottest property markets: foreigners accounted for 27.6 percent of all homes purchased by families in 2025, acquiring 41,086 properties across the country.

The figure marks a 6.6 percent increase over 2024, and it lands in a market that has just posted its largest price surge on record — a 17.6 percent rise in house prices for the full year. Portugal recorded 169,812 residential transactions in 2025, the highest total since tracking began in 2009.

Brazil's Growing Footprint

Among foreign buyers, Brazilians have cemented themselves as the dominant force. They were responsible for 9,808 transactions last year, a 27.5 percent jump from the 7,694 recorded in 2024. According to the INE, Brazil alone accounted for 23.9 percent of all foreign-buyer purchases — nearly one in four.

Angola held second place with 4,145 transactions, up a modest 2.2 percent. France, traditionally a major player in Portuguese property, slipped to third with 3,765 sales, a decline of 6.2 percent that represents the sharpest drop in market share among leading nationalities.

The INE also flagged notable surges from buyers originating in Ukraine, Cabo Verde, and Venezuela, three nationalities that each saw transaction growth exceeding 25 percent in 2025.

Fewer Non-Resident Purchases, Higher Prices

A closer look at the data reveals an important nuance. While the overall number of foreign purchases rose, the share of buyers with tax residency outside Portugal actually fell — by 14.1 percent, marking the third consecutive annual decline. In other words, the growth is being driven primarily by immigrants who already live in Portugal, not by absentee investors or golden visa holders.

That said, foreign buyers continue to pay significantly more per property. Buyers from the European Union spent an average of 335,640 euros per home, compared to 234,120 euros for Portuguese nationals. Non-EU buyers went even higher, averaging 470,277 euros. British and American purchasers were the biggest spenders, paying 512,585 euros and 479,403 euros respectively — more than double the national average.

What It Means for the Market

The data complicates a familiar narrative. Portugal's government ended its golden visa programme for residential property in late 2023, and the share of non-resident foreign buyers has been falling ever since. But demand from foreign-born residents — particularly from Brazil, Angola, and other Portuguese-speaking countries — has more than compensated.

For residents watching prices climb, the takeaway is uncomfortable: even without speculative visa buyers, structural demand from a growing immigrant population, combined with record transaction volumes, is likely to keep prices under sustained upward pressure.

Meanwhile, foreign credit is also rising. Mortgage lending to non-Portuguese borrowers reached 13.56 percent of total housing credit in 2025, reflecting how deeply integrated foreign residents have become in the broader market.

For expats already in Portugal or considering a move, the picture is double-edged. Those who bought early have seen significant appreciation. Those still looking face a market where competition — from both Portuguese and international buyers — shows no sign of easing. With house prices continuing to accelerate and supply still lagging demand, the window for affordable entry continues to narrow.

Sources: INE (Instituto Nacional de Estatística), ECO