Highest Number of Foreign Residents in the Algarve
There are now municipalities in the Algarve where more than a third of the resident population is foreign, reaching 41.2 % in Vila do Bispo, 37.1 % in Albufeira, and 35% in Lagos.
These are the three municipalities where the percentage of foreign residents against Portuguese Nationals is highest in the country.
Once again proving that the Algarve is now one of the most sought-after regions for foreigners to relocate or retire. With house prices still on the rise now could be the right time to buy a property in the Algarve.
Foreign Resident Figures for Recent Years
The number of foreigners residing in the whole of Portugal reached approximately 660k in 2020 and rose to well over 700k in 2021.
The figures for 2022, yet to be released, are expected to surpass this figure as a result of factors such as covid and the rising cost of living in other nations.
Retirees, Family Reunification & Study Top Visas
The total number of foreign residents in Portugal in 2020 represented 6.4% of the total population. In 2021 the number rose to 6.8% and is expected to top 7% when the figures for 2022 are released.
In 2019 the main reasons for the rise are said to be associated with retirement (14%), study (46%) and family reunification (24%). Applications linked to these three types of visas together represented about 85% of the total residence visa issued in Portugal.
During 2020 the application represented 88% of all residence visas issued. With 53% for study, 13% for retirement and 21% for family reunification. Many retirement applications came in the form of the Golden Visa Scheme.
In 2021 the trend was repeated and accounted for 82% of visas issued. Again studying topping the list with 46%, retirees accounted for 21% and 14% issued for family reunification.
The figures for 2022 are expected in January 2023 where it is expected that the number of retirees will increase. With the release of the new Digital Nomad visa late in the year, only the results in 2024 will reveal the popularity of this scheme.
Our Conclusion
The Algarve is fast becoming the top choice for ex-pats looking to relocate to warmer climes. With over 800 properties for sale across the Algarve region, Gatehouse International Algarve is the best place to start your property search.
If you have any doubts about moving to the Algarve, feel free to drop us a line and one of our professional team will be on hand to answer any of your questions.
The managing Partner handles the property promotion and sales from the Almancil office which is also adjacent to the luxury coastal golf resorts of Vale do Lobo and Quinta do Lago. With over 25 years of experience in the Algarve property & financial markets.