The American Surge: How U.S. Buyers Are Redefining Portugal’s Property Market

In the past few years, we've seen a remarkable shift in Portugal’s international property market. American buyers—once a niche presence—have become the fastest-growing nationality in terms of property purchases. In fact, during the first quarter of 2025, U.S. clients accounted for 58% of our international buyer base in Portugal, up from 48% in 2024. This surge has now surpassed traditional frontrunners like the British, French, and Brazilians.

So, why now?

Given the political climate in the U.S. and recent events of the past 100 days, we’re not surprised to see so many of our American clients actively looking for property and citizenship investments in Portugal. Interest in the country isn’t new, but it’s certainly reached new heights.

Who, Where and Why

The American wave didn’t arrive overnight. At Athena Advisers, we first noticed this trend gaining momentum in the years leading up to the pandemic. But it was in the post-COVID world that interest truly took off as people re-evaluated where—and how—they wanted to live, Portugal quickly rose to the top of many shortlists. Since then, year after year, the number of U.S. buyers we work with has continued to grow, solidifying their place as one of the leading nationalities in Portugal’s real estate scene.

Much of this demand has concentrated in a few key regions. Properties in Lisbon, especially the Estoril-Cascais corridor, remain a top choice for their cosmopolitan lifestyle and proximity to the sea. Porto, with its blend of culture and innovation, continues to attract attention as well. More recently, the Algarve has emerged as a rising favourite, thanks in part to United Airlines' new direct summer flights from New York to Faro, which have made this region even more accessible to American travellers and property seekers alike.

So, who are these American buyers? Many are families relocating from California, often working in tech or running their own businesses. Their preferences lean heavily toward modern homes with open layouts, private outdoor spaces, and contemporary amenities—features that reflect a West Coast lifestyle and aren’t always easy to find in Portugal’s more traditional housing stock. Some are purchasing permanent homes, and others are testing the waters with second residences that also serve as income-generating rentals when they are not in use. In both cases, they’re investing primarily in the upper-middle to high-end segments of the market.

The reasons driving this transatlantic shift go beyond real estate. Political instability, social division, and concerns about personal freedoms in the U.S.—especially under President Donald Trump—have pushed many Americans to seek alternatives abroad. Portugal, in contrast, offers a strong sense of safety, inclusive values, and reliable healthcare. The cost of living remains attractive compared to major U.S. cities, and the widespread use of English makes integration easier.

Portugal’s Golden Visa programme

Portugal’s Golden Visa programme has played a significant role in drawing U.S. buyers. For years, Americans ranked among the top recipients, often using the visa as a path to both property ownership and European residency. Although real estate investment is no longer a qualifying route following policy changes in October 2023, interest remains strong. Today’s investors are turning to alternatives like hospitality, renewable energy, and innovation-focused funds. In fact, as of 2023, non-real estate assets will already account for 65% of total Golden Visa investments. Despite early uncertainty, interest rebounded as clearer guidelines emerged, particularly in the wake of U.S. elections, which sparked concerns and increased the search for stability. At Athena advisers, we looked at our Google Analytics data from the week before and after the elections, recording over a 26% increase in traffic to its Golden Visa landing page.

A Market in Transition

This steady stream of high-end investment is beginning to shape the market. Property prices have climbed, and supply still struggles to keep pace with demand. However, the effect on lower-tier housing has been less direct, driven more by systemic shortages than by foreign buying. Still, the influx of Americans - and their expectations - has raised the bar. Developers are now being challenged to deliver more premium inventory that aligns with modern, international standards.

With global attention fixed on Portugal, the country now has a valuable opportunity to further position itself as a go-to destination for lifestyle investment. To do so, it must continue to clarify its Golden Visa offerings, particularly the lesser-known non-real estate paths. Expanding the supply of high-quality housing and securing long-discussed infrastructure improvements, like a direct flight from Los Angeles to Lisbon, will also be key. Yet even without these additions, Portugal’s enduring appeal remains: warm hospitality, stunning landscapes, rich culture, and an enviable quality of life.

The growing American footprint in Portugal is more than a trend - it’s a turning point. As shifting U.S. politics and economic uncertainty continue to drive international mobility, Portugal stands poised to benefit. If it can meet demand while preserving what makes it special, the country is well-positioned to remain a top destination for American buyers seeking not just property, but peace of mind and a better way of life.