US buyers made up 12% of international demand for €1M+ homes in Portugal in Q4 2025, led by Lisbon, as safety, climate and tax perks keep the country attractive.
Wealthy American buyers are increasingly turning to Portugal’s luxury property market, data from idealista/data for the fourth quarter of 2025 shows. The United States accounted for 12% of all international demand for premium homes priced above €1 million, making it the second-largest foreign buyer group after the UK (13%).
Why Americans are buying in Portugal
Several factors help explain the trend. Growing perceptions of political and economic risk in the United States — from new trade tariffs and immigration policy shifts to rising geopolitical tensions — have prompted some high-net-worth families and investors to seek more stable, pleasant alternatives. Portugal’s attractions are familiar: a mild climate, low crime rates, strategic location in Europe, and a tax framework that remains appealing even after the end of Golden Visa real estate routes in late 2023.
Where US buyers are looking
American interest is concentrated in a few key districts:
• Lisbon: 46.5% of North American demand for premium properties
• Faro (Algarve): 16.1%
• Porto: 9.4%Together these three areas account for roughly 72% of US demand for €1M+ homes.Other destinations drawing Americans include Madeira (6.1%), Setúbal (5.6%), São Miguel in the Azores (3.9%) and Leiria (3.0%). On the mainland, Americans also represent a notable share of foreign demand in Leiria (16.8%), Lisbon (15.8%), Coimbra (15.5%) and Porto (14.3%).
Spotlight on the Azores
Interest from the U.S. is particularly strong in the Azores archipelago, where the share of North American buyers is high in several islands: Faial (39.1%), Terceira (36.1%) — a level likely influenced by the historical U.S. presence at Lajes Air Base — and São Miguel and São Jorge (both above 30%). Santa Maria, Pico and Flores also show significant US shares (29.6%, 26.1% and 23.1% respectively).
Market outlook and implications
The figures suggest that demand in Portugal’s premium sector remains robust despite the policy change that ended Golden Visas. For sellers and developers, persistent US appetite signals continued opportunities in Lisbon, the Algarve and selected islands. For local authorities, the pattern reinforces the need to balance high-end investment with policies that address housing needs for residents.
As global uncertainty pushes some wealthy buyers to diversify residence and investment, Portugal — with its combination of lifestyle, stability and residual tax appeal — appears to be a top choice for Americans shopping at the highest end of the market.
