In recent years, Portugal, Spain and Greece have seen a booming luxury real estate market, driven significantly by foreign buyers and a strong US dollar. Although Golden Visa opportunities have declined in Portugal, the demand for luxury properties in our country remains. This is one of the conclusions of the Global Luxury Report 2023, launched by Berkshire Hathaway HomeServices.

The report highlights that American buyers are attracted to Portugal due to the lifestyle it offers, as well as its stability, at a time of political and economic upheaval in many parts of the world. These aspects, associated with high purchasing power, have allowed American investors to purchase some of the best properties in our country.

"About 35% of our buyers come from all over the US - Texas, California, New York", highlights Michael Vincent, CEO of Berkshire Hathaway HomeServices Portugal Property. "Last year, Portugal was voted the best country for foreign retirees and ranks seventh in the Global Peace Index. These factors, as well as its location and good cuisine, have represented a huge attraction for this type of investors.”

Even with the changes to Golden Visas in Portugal, the study shows that investors continue to buy properties because they want to invest and make some money. “For many foreign buyers, Golden Visas have never been Portugal’s main attraction. Many are second-home buyers who like to be in Portugal just a few days a year. Others, who intend to stay for more than 3 months at a time, have chosen, for example, to buy a non-real estate fund that is based in Portugal or obtain a D7 Visa”, highlights Michael Vincent.

The Global Luxury Report 2023 also shows that the Caribbean and second home markets such as Aspen, in the USA, were boosted by the work-from-home culture due to Covid-19 and have consolidated themselves as the most popular locations for second homes, third and fourth housing.

“Despite an unclear economic future and some geopolitical uncertainties, buyers continue to purchase properties that they consider well-priced, that offer investment potential and that present the advantages that have become synonymous with a luxury lifestyle”, highlights Christy Budnick, CEO of Berkshire Hathaway HomeServices.