portugal golden visa real estate investments are less than 3% of total housing transactions

portuguese real estate market volume is ≈30B€/year, golden visa purchases accounted for ≈556M€/year

3% of total volume of the housing market is unlikely to be the primary driver of the national median prices increase

so next time someone tells you that one of the main drivers behind increasing Portuguese real estate prices are golden visa investments - their argument is likely to lack substance