While international demand for luxury homes in Portugal from the United Kingdom rose compared to the same period last year (+0.8 p.p.), interest from the USA fell (-4 p.p.). It is not surprising, since the USA is one of the five nationalities that most used golden visas from 2012 until September 2023, according to data from the now-extinct Foreigners and Borders Service (SEF). But, despite the demand from the USA for luxury homes has cooled down since the end of golden visas, it is important to highlight that North Americans continue to be in second place at the top10, especially because they continue to look at Portugal as “California of Europe”, where there is a good quality of life, beaches, and a good climate, as well as good health and education services.

In addition to the USA, golden visas were, above all, granted to investors residing in China, Brazil, Turkey, and South Africa. Research from Brazil reveals a significant demand for luxury homes in Portugal in recent years, having weighed 6.2 % of the total in the first quarter of 2024. The weight of Brazilian demand remained at the same levels compared to the beginning of 2023 but was 1.5 pp lower compared to the previous quarter when golden visas ended. The demand for luxury homes from China, Turkey, and South Africa has been residual (below 1%) compared to the total.