Americans continue to invest in luxury real estate in Portugal.

The gold visa has been revoked, but investment remains strong. Portugal, Spain and Greece have experienced a luxury real estate boom in recent years, driven largely by foreign buyers and a strong U.S. dollar. Despite the reduction in golden visa opportunities in Portugal, the demand for luxury accommodation in our country remains. This is one of the findings of the Berkshire Hathaway HomeServices Global Luxury Report 2023.

The report emphasizes that American buyers are attracted to Portugal because of the lifestyle it offers, as well as its stability in a time of political and economic turmoil in many parts of the world. These aspects, combined with high purchasing power, have enabled American investors to acquire some of the best properties in our country.

"About 35% of our buyers come from all over the United States - Texas, California, New York," emphasizes Michael Vincent, CEO of Berkshire Hathaway HomeServices Portugal Property. "Last year, Portugal was recognized as the best country for foreign retirees and is ranked seventh in the World Peace Index.

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These factors, as well as its location and good cuisine, present a huge attraction for this type of investor. "

Despite changes to Portugal's golden visa program, research shows that investors continue to buy property because they want to invest and make money. "For many foreign buyers, the golden visa has never been Portugal's main attraction. Many second home buyers choose to stay in Portugal for only a few days a year. Others who intend to stay for more than 3 consecutive months are choosing, for example, to purchase an unreal estate based in Portugal or obtain a D7 visa," emphasizes Michael Vincent.

The 2023 Luxury Report also shows that the Caribbean and the secondary residential market, such as Aspen in the US, have received a boost from the work-at-home culture caused by the Covid-19 pandemic and have been cemented as the most popular locations for secondary and post-retirement living.

"Despite an uncertain economic future and some geopolitical uncertainties, buyers continue to purchase properties that they believe are well-priced, offer investment potential and have the benefits that have become synonymous with a luxury lifestyle," emphasizes Christy Budnick, CEO of Berkshire Hathaway HomeServices.