In 2023, residential property purchases by Portuguese residents experienced a significant decline of 19.8% compared to 2022, totaling 126,108 units, representing 92.4% of

the overall transactions.

Data released by the National Statistics Institute (INE) revealed that purchases made by individuals with tax residency in Portugal accounted for €24.4 billion out of the €28 billion total property transactions in 2023, marking a relative weight of 87.3%, the lowest in the series dating back to 2019.

Conversely, acquisitions of properties by non-resident buyers in Portugal amounted to 10,391 units, reflecting a slight decrease of 3.1% compared to 2022, with a total value of €3.6 billion, indicating a year-on-year decline of 1.4%.

The INE's report highlighted two distinct trends in transactions involving non-resident buyers in 2023 compared to the previous year: within the European Union category, there was a notable decrease of 13.5%, totaling 5,025 units; however, purchases by buyers from 'other countries' saw a significant uptick of 9.3%, amounting to 5,366 properties.