Demand for Portugal up a quarter as country speeds up British entry

New data from the UK’s biggest overseas property website Rightmove reveals that buyer enquiries for Portugal rose by 24% in April compared to last year.

Buyer enquiries also increased by 25% in a week compared to the previous seven days after faster entry requirements for Britons were announced.

The jump in enquiries is an early sign that confidence from British buyers looking to purchase a home abroad is growing following the pandemic starting and Brexit. Buyer enquiries also rose at the beginning of the year compared to the beginning of last year.

Portugal became the first EU country to allow those with a British passport to use electronic passport gates, with the aim of speeding up entry, though they will still need to have their passport stamped by a border official after.

The island of Porto Santo near Madeira is the new search hotspot in Portugal in April, with searches more than tripling compared to last year (+267%), the biggest jump in searches of any area in Portugal.

The picturesque village of Comporta in Alcácer is the second hotspot, with searches more than doubling (+129%), and the city of Vila Real de Santo António, in the Algarve, is third (+82%).

Rachel Beaton, Rightmove’s Overseas Insights Expert, said: “The move to make it easier and quicker for Britons to enter Portugal will give further confidence to British buyers who are interested in buying a home abroad, but are perhaps still hesitant about different travel regulations that are still in place since the pandemic or post-Brexit. We’re seeing strong demand from British buyers for properties in Portugal, and this will only make it easier for these potential buyers to get over there to view properties for sale.”

David Rowat, Managing Director at OliveHomes.com said: “The demand from British buyers is unceasing. 2022 has seen unparalleled demand as people wish to pursue the dream of having a home in Portugal. One of the biggest changes we have seen is the demand for relocation (full time) or remote working (part time). Historically the demand was weighted 80% holiday homes and 20% relocation. This has shifted to 50/50 and many clients are now asking for information on residency and schools. The highest growth in enquiries is for stand-alone villas which are new, modern and family orientated, based in resorts such as Vale Do Lobo, Quinta do Lago, Vila Sol and Vilamoura. In terms of locations, we can see the Algarve remains extremely strong with increased interest in the outskirts of Lisbon (Setúbal) and Madeira. This was to be expected due to the changes in the Golden Visa, which now precludes investment in the centre of Lisbon. Madeira is a beautiful island which is becoming more in-focus due to the extra value gained compared to mainland Portugal. British buyers remain extremely confident about the future prospects of Portugal, in terms of an investment and the quality of life.”

Portugal search hotspots

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Notes 

• Buyer search hotspots compares April 2022 with April 2021
• Buyer enquiries compares April 2022 with April 2021, and w/c 25^th April 2022 with w/c 18^th April 2022