Political and economic uncertainty in the United States is reshaping international investment patterns. A series of decisions taken by President Donald Trump — from new trade tariffs and immigration reforms to growing domestic and geopolitical tensions — has heightened perceptions of risk among US residents. As a result, many high-net-worth Americans are increasingly seeking overseas destinations that combine lifestyle appeal with capital security.
Portugal continues to stand out as one of those destinations. The latest figures from idealista show that demand from the US for luxury homes for sale in Portugal remains resilient, even though fiscal incentives for property investment have become more limited in recent years. American buyers are still actively exploring premium opportunities across the country.
US domestic and foreign policy has been marked by several disruptive measures during the first year of Trump’s renewed presidency. At home, Americans have felt the effects of a tougher immigration stance, which led to 605,000 deportations over the past year, alongside strong pressure on the Federal Reserve to cut interest rates. Abroad, the introduction of heavy tariffs on a wide range of countries — including the European Union — together with developments involving Venezuela and escalating tensions with Iran, have contributed to wider global uncertainty.
It is against this backdrop that affluent US families and investors are increasingly looking abroad to diversify both lifestyle and investment exposure. Portugal continues to appeal thanks to its strategic position, relatively favourable tax environment, low crime rate and mild climate, making it an attractive base for long-term living and capital preservation.
US demand for Portugal’s luxury homes remains strong
The latest data from idealista/data reveal that US-based buyers continue to actively search for luxury homes for sale in Portugal priced above one million euros. In the final quarter of 2025, the US accounted for 12% of total international demand for premium residential property in Portugal, making it the second most important nationality after the UK, which represents 13% of overall international demand.
Notably, this interest persists even after the end of Portugal’s golden visa programme for property investment at the close of 2023. The continued presence of high-net-worth American buyers suggests that Portugal’s appeal goes beyond residency incentives and is increasingly driven by lifestyle quality, market stability and long-term value.
Geopolitical and economic tensions in the US may be encouraging international diversification, but other domestic policy developments are also playing a role. Zohran Mamdani, the new mayor of New York, has pledged to intervene in the city’s housing market by freezing rents and introducing additional taxation for higher earners, further strengthening the case for offshore property investment among wealthy Americans.
Where are US buyers searching for luxury homes in Portugal?
In this challenging international environment, Portugal is reinforcing its reputation as a secure destination for prime residential investment among US buyers. But where exactly is American interest most concentrated?
Lisbon remains the leading district for US demand for premium property, accounting for 46.5% of searches from the US, followed by Faro with 16.1% and Porto with 9.4%. Combined, these three districts represent 72% of total US demand for luxury homes in Portugal.
Madeira Island attracts 6.1% of US visits to premium homes, while Setúbal accounts for 5.6%, São Miguel Island for 3.9% and Leiria for 3%. These locations maintain a solid but more moderate share of American interest, according to idealista/data figures for the last quarter of 2025.
Beyond these areas, Braga, Viana do Castelo and Aveiro are the only districts where US demand for luxury property exceeds 1%. In the remaining districts, American interest remains comparatively limited.
The US fuels premium foreign demand in the Azores
US visits to luxury properties in Portugal are also strengthening international premium demand in several parts of the country, with the Azores standing out thanks to their proximity to North America and long-standing historical links.
The US represents 39.1% of total foreign visits to luxury homes on Faial Island and 36.1% of international demand for premium property on Terceira Island, where the US has operated the Lajes Air Base for many years.
On São Miguel and São Jorge, American buyers account for more than 30% of international premium demand. US interest is also notable on Santa Maria (29.6%), Pico (26.1%) and Flores (23.1%).
On mainland Portugal, Americans also underpin international demand for luxury homes for sale, particularly in Leiria (16.8% of total foreign district demand), Lisbon (15.8%), Coimbra (15.5%) and Porto (14.3%).
By contrast, US demand has a smaller impact on total international premium searches in Porto Santo (5.9%), Faro (7%) and Portalegre (7.2%), according to the same data.
Closing insight
With geopolitical uncertainty continuing to influence capital flows, Portugal’s luxury residential market remains well positioned to attract high-net-worth US buyers seeking both lifestyle quality and long-term security. From prime urban addresses in Lisbon and Porto to coastal estates in the Algarve and distinctive opportunities in the Azores, the country continues to offer a compelling blend of stability, liveability and investment potential for international purchasers.
Where foreigners are searching for homes in Portugal in 2025
Interest from international buyers in Portuguese property remains strong, despite the end of the golden visa programme, tighter rules for non-habitual residents, and changes to the foreigners’ law. According to idealista data, many visits to property listings come from France and the United Kingdom, with other countries like Germany, Switzerland, Spain, the United States, and Canada also showing significant interest.