Foreign Demand Drives Portugal Home Prices to 30-Year High
- International buyers have helped fuel hot real estate market
- Home price gains weakened in second half of 2022, data shows
The rise in property prices in Portugal has been caused by growing demand from foreign buyers.
Photographer: Goncalo Fonseca/BloombergThis article is for subscribers only.
Home prices in Portugal had the biggest annual rise in more than three decades, defying expectations that rising interest rates would dampen demand for property in the southern European nation.
House prices increased 18.7% in 2022 from the previous year, Confidencial Imobiliario, which collects data on the property market, said in an email. While the annual gains are the biggest since 1991, Confidencial said its data also indicated that the country’s housing market was slowing down.