British residential buyers in Portugal are facing price increases of up to 30% following the Brexit vote as French purchasers emerge as the most active in the market.
“We are learning how to think again after Brexit,” said Frederico Medoca, residential director at CBRE in Lisbon. “We are trying to work out how to measure its impact. New investment here is a problem for the Brits, with their weak pound.
“We are dealing with sales to Brits and the scenario is the same – they want to extend conditions to see if they can wait to get a better exchange rate. The weaker pound has made a tremendous difference after Brexit. Property here is now 20-30% more expensive.”
He added that the drop in sales to a British buyers has allowed the French to become the most active purchasers, accounting for 26% of overseas investors followed by the British at 22% and the Chinese at 15%.
