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With the appreciation of the dollar, it is expected that North American investors will continue to make use of their superior purchasing power abroad, and Portugal is in their sights, according to Sotheby's International Realty Luxury Outlook 2023, which presents the major trends for the luxury real estate market.
Alongside Spain, Greece, France, and Italy, Portugal (Lisbon, Porto, Algarve, and Madeira) has already ranked among the top destinations for luxury buyers from the US. In 2022, Sotheby’s found that for the first time, North Americans rose to the top of real estate investors in Portugal, appearing first in when it came to the purchase of luxury properties in the Lisbon region.
Sotheby's Realty explains the “recently registered new increase in demand” from when in November “Turismo de Portugal carried out an activation action in Times Square, New York, regarding the launch of the figure of Cristiano Ronaldo in the Madame Tussauds Museum”.
Safety, quality of life, hospitality of the Portuguese, infrastructure, education, and health are among the most valued qualities in the country. And the ones that make Portugal one of the favourite destinations for American expatriates and retirees.
“The pandemic has reinforced this interest in Portuguese real estate with more and more investors focusing on Portugal. I believe that this trend of North American luxury buyers will continue and grow even more in the coming years,” explains Miguel Poisson, CEO of Portugal Sotheby’s Realty, quoted in a statement and reported by idealista.
Imobiliário português vai continuar na mira dos EUA em 2023 https://t.co/xsNTs6t51I
— idealista (@idealista_pt) January 16, 2023
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Not wanted.!!!!!! They fetch so much bad baggage with them.
By J from Lisbon on 17 Jan 2023, 08:10
J. It seems you have a lot of emotional baggage. "They" "them" ? it is a country with many different people such as Portugal.
By Truxton Canyon from Porto on 17 Jan 2023, 22:34
I hope this means we can get a direct flight from New York City to Faro soon!
By David Thomas from Algarve on 18 Jan 2023, 11:27
Portugal will soon findout it mistake.
By J from Lisbon on 18 Jan 2023, 11:37
There are barely any American's living here. Per a SEF report (https://sefstat.sef.pt/Docs/Rifa2021.pdf) from 2021 the Largest groups of foreign residents are from Brazil, UK, Cape Verde, Italy and India. USA does not even crack into the top 45. It falls into "other". And for those acquiring Portuguese citizenship: Brazil, Cape Verde, Ukraine, Guinea-Bissau and Angola top the list. This is not a black and white situation. Exports in farming do not make up the majority of the economy as it once did. Cork is still a big contributor especially with the farmers agreements with NASA and SpaceX (yes the Portuguese cork farmers have agreements with NASA and SpaceX). Oil refineries, cement production, plastic products, textiles, construction, steel, footwear and leather and of course tourism make up the others. And remember it is the Portuguese who are selling these buildings and/or apartments to big companies to re-model and sell to foreigners. The PT government and the top families in Portugal are all part of it. So don't forget to look your fellow Portuguese in the eye and ask them why. And this article writes that the "Americans are buying the luxury", because it sells papers. Many Americans are renting or buying in the country. And yes a few 1% from America are buying here but they also buy in Italy, France, UK, Germany, etc. There are many others from countries other than the US that are buying these buildings and luxury apartments.
By Rachelle from Lisbon on 18 Jan 2023, 11:57