en 
According to data from idealista, luxury homes for sale in Portugal are now less sought after by foreigners. At the beginning of 2024, there was a drop in demand from foreigners for luxury homes for sale in Portugal, now representing 22.8% of total demand, the lowest level since the end of 2021.
The biggest drop in interest from foreign buyers looking to invest in luxury homes in Portugal came shortly after new gold visas stopped being admitted (on October 7, 2023). The data suggests that the end of golden visas - and the resulting legislative instability also marked by the end of the non-habitual resident regime (NHR) at the beginning of this year - will have had a downward effect on the demand for luxury homes by foreigners in Portugal.
Demand for foreigners is now 5.8 percentage points (p.p.) lower compared to the first three months of 2023 when the end of golden visas was announced by the former socialist Government within the scope of Mais Habitação;
The end of golden visas has had a special impact on Portugal's attractiveness abroad as a destination for real estate investment and in terms of competitiveness between European countries to attract capital - although there are other countries that will also put an end to golden visas, including Spain. This is because real estate investors are sensitive to legislative changes, especially when the reduction of tax benefits is at stake.
Despite this, the quality of life that Portugal offers continues to be internationally recognized, as well as its good health and education services, gastronomy, landscapes, and climate. Perhaps this is why the drop in demand for luxury homes by foreigners was not even more significant in the country. It should be noted that despite the reductions, the international demand for luxury homes in Portugal continues to have some weight: 23 out of every 100 people looking for luxurious homes are foreigners.
As for the future, it is not known for sure whether there will be more changes in terms of golden visas, as the Government of Montenegro says it will revoke several Mais Habitação measures, but without making direct reference to this program.
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Makes total sense the Government of Mr. Montenegro says it will revoke several Mais Habitação measures after all.
It was Mr. Montenegro’s PSD party, at the time in coalition with the CDS, when in 2012 passed the "Cristas Law” and all the other Government incentives and deregulation that have brought ‘Golden Visas’, NRH, Airbnbs, Digital Nomads – but also the ridiculously steep housing and living costs for locals.
These silly and irresponsible ‘Policies' favouring as usual the have’s, widened the monetary separation gap between the rich -financially speaking- and the Majority of humans in Portugal who for very obvious reasons, in 2024, do not have the same purchasing powers nor the same rights.
Over Six years ago, the UN’s independent experts on housing, warned that unrestrained tourism would also undermine the right to housing and predicted that the deterioration of housing and living conditions would give rise to the emergence of a “new poor” and it was/ is so true. A privileged few members of the population who take advantage of this traditional global inequality.
Thank you for coming and Welcome to Portugal.
By Miguel from Lisbon on 18 Apr 2024, 17:10
@ Miguel. You are certainly a Communist/Socialist and without a basic understanding of our Economics works. The average Portuguese was even poorer before 2012... Lisbon as a "film Noir" with every 3 building dilapidated and in ruins. Today, one in every 6th building dilapidated and in ruins in the centre of the capital. You don't see this in any major western capital... not in London, Paris and not even Madrid. Socialists/Communist should stop attacking the rich and worry about the poor. It is wealth that brings people out of poverty and not attacking the wealthy. There will always be people left behind (mostly does that don't want to work and live off of the social system). Foreign investment and low taxes is key to upgrade people's overall conditions, spending power and quality of life. I welcome all those who are wealth to Portugal and let them spend as much as they want! Also, all wealthy foreign companies are also welcome!!! Viva an open and dynamic Portugal!
By Eliot from Lisbon on 19 Apr 2024, 08:53
Dear Eliot, Is it really necessary to label other people in a negative way when discussing facts?
By Erika Jakubassa from Algarve on 19 Apr 2024, 09:59
Agree with @Eliot. Also @Miguel, why do you think anyone has a God-given right to housing? Who decides what and how much is morally correct to take from others to give to you? If housing is a right then what about jobs and teenagers who don't talk back? How about we make food, healthcare, jobs, low cost shopping, abundant air travel, modern cars, good wifi, all a "right" as well? Where does it stop? It stops when we abandon the idea that there is an easy way through life and that someone should give us something. If you can't afford something that someone else can, get over it.
By Brian Sanders from Other on 19 Apr 2024, 16:41
@Erika. Although you and I would consider Communist/Socialist as being negative, I am no so sure that Miguel would see it that way. Communists/Socialists here in Portugal wear that badge with great pride.
By Eliot from Lisbon on 20 Apr 2024, 10:11
It is perhaps easier for a camel to go through the eye of a needle than for men holding on to all our material wealth to enter the kingdom of empathy, respect, compassion and even tolerance. Sooner or later, a materially rich man or woman will have to similarly unload his material possessions however. To show compassion, empathy, tolerance does not imply being a yet another label or labelled in the same way that it does not imply one being a communist, a socialist, centre-left, centre-right, fascist, populist or born again Cristian.
We all have a choice how we approach humans and I do find it hard to believe yes, that all those humans who cannot harvest nor manifest ‘material’ wealth in the same way many of us have done, are just no good layabouts, criminals perhaps who have no write to a couple good meals, a roof over their heads, yes a car, and to look after their own families with some dignity and economical balance. Why is showing empathy, compassion or tolerance with all those with less financial wealth or less financial capacity so important? Makes for much smarter economics, ‘balance’ & hopefully one day no more wars. Perhaps because one would wish to have a much higher index of happiness and a healthier mind, body and soul as the opposite to the least mutually respectful relationships between the have’s and the have not's. Because if we are choosing compassion and tolerance over our constant financial dramas, the ego & our very high levels of resentment, from both sides, will persist. Perhaps because a reasonably balanced Economy, balanced Institutional or Political energy does not wound, alienate nor leave any Man, Woman or Child behind = Smart Economical Financial principles = Smart Life Path Experiences.
By Miguel from Lisbon on 22 Apr 2024, 14:39