A report by real estate company Engel & Völkers has revealed that in the first quarter of this year 5.9% of transactions were carried out by buyers with tax residency outside Portugal.

According to Notícias ao Minuto, the market report also mentions that half of foreign buyers are members of the European Union and that transactions with buyers with tax residency in the EU increased by 72.3%.

In addition, it is also possible to verify that the average sales price of accommodation purchased by foreign investors was fixed at 2,105 euros per square meter (m2).

As far as the regions are concerned, the Algarve is the choice of foreign investors, according to the report.