Portugal’s attractiveness for North Americans and Canadians is on the rise, and the growing number of families and US nationals who choose our country to live in is increasing the demand for homes in the country, whether in the Lisbon region or in the Algarve, known as the European “California”. Based on data from SEF, sales to US citizens grew by more than 40 percent. In concrete numbers, the North Americans were the ones who most invested in real estate in Portugal in the first quarter of 2022 with a stunning value of 25.1 million euros.

There are several motifs for this remarkable boom: Most importantly, US citizens are getting more for the dollar against the euro which makes the demand for homes even more appealing. The year has not yet ended and the percentage of sales continues to grow interestingly, most of the transactions carried out are aimed at relocation.

The increase in house prices in North America is pointed out as one of the reasons, yet surprisingly there is a predisposition of investors to acquire properties of increasingly higher budgets in Europe. Property values easily reach between one and five million euros. North American customers are essentially looking for large family properties, 4 – 5 bedroom typology, contemporary houses, with amplitude, high ceilings, spacious outdoor areas and equipped with home automation. So the devaluation of the euro against the dollar offers an excellent opportunity making the price of Portuguese real estate even more accessible and attractive.

Most of our US clients admit that the overall political and social climate in their country has sadly turned hostile and aggressive. A valid motif to search for peace and tranquility in the European country once more elected to be Europe’s Leading Tourism Destination, according to the European edition of the 2022 World Travel Award. Portugal has evolved from its status as an underestimated niche market to an attractive magnet for migrants, who are longing for safety and freedom. The Portuguese lifestyle, the lightness of being, is an additional stimulus to invest in our country.

Another reason that intensifies the demand to settle in Portugal, is the new Digital Nomad Visa, a “temporary green card” for non-EU citizens. In our next blog you will get a short guide what you need to qualify for it and how to apply for the Digital Nomad Visa in Portugal.

Get our advice brochure about moving to Portugal addressing every aspect of the process.

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