Portugal has seen a notable increase in the number of national buyers in the real estate market, according to recent data from the National Institute of Statistics (INE). In the summer of 2024, 40,909 homes were sold, representing a 19.4% increase compared to the previous year. This growth has been driven by policies such as reduced mortgage interest rates and tax exemptions for young buyers, creating a favorable environment for property purchases.
The majority of acquisitions (86.7%) were made by families, with buyers residing in Portugal accounting for 93.5% of the total. This trend reflects a return to the market by national buyers, who have played a crucial role in the increased demand. Additionally, the transaction volume reached 9.1 billion euros in the third quarter, with a 28% growth compared to the same period last year.
This rise in the number of transactions and capital movement is putting additional pressure on the market, leading to a price increase, which registered an annual rise of 9.8%. The trend suggests that the real estate market in Portugal remains a dynamic and growing sector, with a clear dominance of local buyers, as the country prepares to face new challenges and opportunities in 2024.
At Algarve Property.com, we understand that finding your perfect home is more than just a transaction; it's a life-changing journey. With our expertise and personalized approach, we're here to guide you every step of the way, ensuring your real estate dreams become a reality. Whether you're buying, selling, or investing, trust us to provide the support and dedication you deserve.
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