Surge in Foreigners Taking Out Portuguese Mortgages
Banks in Portugal have lent nearly ten billion euros for home purchases, with 10% going to foreigners, including Brazilians, British, and Americans.
Foreigners accounted for more than 10% of housing credit in Portugal last year, receiving a total of 1.2 billion euros in loans, as reported by the Banco de Portugal. While the percentage of foreign borrowers in the total number of new housing loans increased from 9.5% in 2022 to 11.7% in 2023, the actual amount granted to foreigners for home purchases decreased by approximately 6% compared to the previous year. In 2023, banks provided approximately ten billion euros in financing for families looking to buy a home, marking a significant 24% drop from 2022, largely due to the surge in interest rates.
Among the foreign nationals who secured new housing credit, individuals from Brazil were the most prominent, accounting for 28% of the total amount granted to foreigners (up from 27% in 2022). Borrowers from the United Kingdom followed closely behind at 9%, while American borrowers claimed the third spot at 6%, surpassing those from France.
The data from Banco de Portugal reveals a notable increase in the share of housing credit granted to foreigners, despite a slight decrease in the actual amount loaned out to foreign nationals. The shifting trends in the nationality of borrowers highlight the diverse pool of individuals seeking to invest in real estate in Portugal.
Surge in Foreigners Taking Out Portuguese Mortgages
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