Short answer
No — buying property alone does not grant residency or citizenship. Residency comes through visa routes (work, D7 passive income, D8 remote work, etc.), and the old Golden Visa real-estate route has been closed. Citizenship is a separate step after years of legal residency (historically five, but rules are under review — confirm). For your case, check with the Portuguese consulate or an immigration lawyer.
General information, not legal or tax advice. Rules and amounts change: confirm with official sources.
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A renovated 5-bedroom house in Ribeira Grande, São Miguel island, minutes from the beach and local life.