The main countries of origin of these foreign buyers (residents and non-residents in Portugal) are Brazil, Angola, and France.

According to the BdP, the proportion of foreign buyers has remained relatively stable since 2019 (25% in 2019 and a maximum of 31% in 2023).

The value of transactions made by foreign buyers is, on average, higher.

The Financial Stability Report, now released, considers that the main risks to financial stability have been increasing, mainly due to geopolitical tensions.

"The worsening of these tensions or the eventual sudden correction of financial markets, especially if they occur simultaneously, could negatively affect economic activity, inflation, asset prices, and the ability of families and businesses to repay their loans," the document says.

The impact could also be felt in real estate prices, where the Bank of Portugal considers that there is "the risk of an abrupt and unexpected reduction in house prices."

Regarding the banking system, the Bank of Portugal says that it has demonstrated solidity and resilience, but that banks must "maintain careful risk management."

The Bank of Portugal is also concerned about physical climate risks, recalling that, at the beginning of 2026, there was "an occurrence of an extreme climate shock in some regions in Portugal that highlighted the growing importance of climate and nature risks," referring to the storms that particularly affected the Central region.