The United Kingdom continues to lead the pack in searches for luxury homes in Portugal, comprising 11.9% of total international demand at the start of 2024. Following closely behind are the

USA (11.2%), Germany (10.2%), Spain (9.2%), and France (8.6%), as reported by data from idealista.

Despite a slight increase in interest from the UK compared to the same period last year (+0.8 p.p.), demand from the USA has seen a decline (-4 p.p.). This shift is not unexpected, considering the USA was among the top nationalities benefiting from golden visas between 2012 and September 2023, according to data from the now-defunct Foreigners and Borders Service (SEF). However, even as interest from the USA has waned post-golden visas, North Americans remain prominently positioned in second place within the top 10. This is particularly notable as they continue to view Portugal as the "California of Europe," drawn by its high quality of life, scenic beaches, favorable climate, and robust healthcare and education systems.

In addition to the USA, golden visas were predominantly utilized by investors from China, Brazil, Turkey, and South Africa. Brazilian interest in luxury homes in Portugal has been noteworthy in recent years, accounting for 6.2% of the total demand in the first quarter of 2024. Although Brazilian demand has remained steady compared to the beginning of 2023, it dipped by 1.5 pp in the quarter following the conclusion of golden visas. Meanwhile, demand from China, Turkey, and South Africa has remained marginal, each constituting less than 1% of the total demand. Photo by Adamina, Wikimedia commons.