Today, people living in the United States have a heightened perception of risk due to several decisions taken by Donald Trump, the country’s president, ranging from new tariffs to changes in immigration policies, as well as new internal and geopolitical conflicts. Perhaps for this reason, high-net-worth Americans continue to look for safe havens to live and invest, such as Portugal. The latest data from idealista reveal that demand from the US for luxury homes for sale in Portugal remains quite strong, despite there being fewer tax incentives for real estate investment in our country.
US domestic and foreign policy has been shaken by the adoption of several measures taken during the first year of Donald Trump’s new presidential term. On a domestic level, Americans have felt the effects of his tough immigration policy, which resulted in 605,000 deportations in the past year, and are witnessing strong pressure being exerted on the Federal Reserve to reduce interest rates. On the external front, the application of harsh tariffs on several countries around the world – including the European Union – stands out, along with the capture of Venezuela’s president, Nicolás Maduro, earlier this year, alongside escalating tensions with Iran.
It is within this context of instability, with the epicentre in the US, that American families and investors – particularly those with high purchasing power – tend to seek safe havens to live and invest. And, it seems, Portugal continues to be an option for these foreign investors coming from the US, given its strategic position, favourable tax policies and low crime rate, in addition to its mild climate.
International demand for luxury homes for sale in Portugal
Data for the 4th quarter of 2025
% of countries of origin relative to total international premium demand*
United Kingdom
13%
USA
12%
Germany
10%
France
9%
Spain
8%
Netherlands
6%
Brazil
6%
*International premium demand refers to demand coming from abroad for homes for sale in Portugal costing more than one million euros
Chart: idealista/news
Source: idealista/data
Download these data
Embed
Download image
Created with Datawrapper
The latest data from idealista/data reveal that people living in the US continue to actively search for luxury homes for sale in Portugal, costing more than one million euros. In the last quarter of 2025, the US even accounted for 12% of total international demand for this type of premium property in our country, making it the second nationality with the most significant weight, behind only the United Kingdom (which represents 13% of total international demand). And it should be noted that this interest continues despite the fact that golden visas for real estate investment in Portugal ended at the end of 2023.
The presence of potential American buyers with high purchasing power in Portugal may therefore be being fuelled by the current geopolitical and economic tensions in the US, triggered by Trump, but not only. Zohran Mamdani, the new mayor of New York City, has also promised to intervene in the housing market of the financial capital of the world by freezing rents and introducing more taxes on higher-income citizens.
Donald Trump’s policy
Donald Trump, President of the USA, and Zohran Mamdani, the new mayor of New York City
Getty Images
Where are the most luxury homes viewed from the US?
In this challenging international context, Portugal thus appears to be strengthening its position as a stable and safe country for investing in premium real estate in the eyes of those in the US. But where are they most looking for luxury homes for sale in our country?
Lisbon is indeed the district that attracts the most interest from those looking to buy a premium home from the US (46.5%), followed by Faro (16.1%) and Porto (9.4%). Together, these three districts account for 72% of demand for luxury homes coming from the US.
Meanwhile, the island of Madeira (6.1%), Setúbal (5.6%), the island of São Miguel (3.9%) and Leiria (3%) show a moderate weight in total visits to luxury homes from the US, according to the same idealista/data figures for the last quarter of 2025.
Beyond these territories, Braga, Viana do Castelo and Aveiro are the only districts that show a share of American demand for premium homes above 1%, while it is minimal and not very significant in the remaining districts of the country.
Demand from the US for luxury homes for sale in Portugal
Data for the 4th quarter of 2025
Distribution of visits from the US to luxury homes by districts and islands (%)
Distribution of demand from the US
0.1%
46.5%
* Data for the Azores refer to the island of São Miguel and for Madeira to the island of Madeira
Demand from the US for luxury homes on Terceira Island is 0.4%, on Pico Island 0.2%, on Santa Maria Island 0.1% and on São Jorge Island 0.1%. On the islands of Flores, Faial and on the island of Porto Santo (Madeira) it is almost nil.
Map: idealista/news
Source: idealista/data
Download these data
Embed
Download image
Created with Datawrapper
The US fuels premium foreign demand in the Azores
Visits to luxury properties in Portugal from the US also continue to fuel international premium demand in several areas of the country, particularly the islands of the Azores archipelago, which can be explained by geographical proximity and historical ties.
The US actually accounts for 39.1% of total foreign visits to luxury homes on Faial Island. And it represents 36.1% of international demand for premium housing on Terceira Island, where the US has had the Lajes military air base installed for several years.
Also on the islands of São Miguel and São Jorge, the US represents more than 30% of international premium demand. American demand is also quite significant within total foreign demand on the islands of Santa Maria (29.6%), Pico (26.1%) and Flores (23.1%).
On mainland Portugal, Americans also support international demand for luxury homes for sale, especially in Leiria (16.8% of total foreign district demand), Lisbon (15.8%), Coimbra (15.5%) and Porto (14.3%).
Where demand coming from the US has the least impact on total international premium demand is on Porto Santo Island (5.9%), Faro (7%) and Portalegre (7.2%), suggest the same data.
US weight in international demand for luxury homes for sale
Data for the 4th quarter of 2025
% of US demand relative to total international premium demand* by districts and islands
Districts and islands | % US demand of total international
Faial (Island) | 39.1%
Terceira (Island) | 36.1%
São Miguel (Island) | 31.8%
São Jorge (Island) | 31.1%
Santa Maria (Island) | 29.6%
Pico (Island) | 26.1%
Flores (Island) | 23.1%
Leiria | 16.8%
Lisbon | 15.8%
Coimbra | 15.5%
Porto | 14.3%
Vila Real | 14.1%
Aveiro | 13.8%
Guarda | 11.7%
Viana do Castelo | 11.3%
Viseu | 10.7%
Santarém | 10.6%
Castelo Branco | 10.2%
Madeira (Island) | 10.1%
Setúbal | 9.8%
Évora | 9.3%
Braga | 9.3%
Bragança | 9.2%
Beja | 7.6%
Portalegre | 7.2%
Faro | 7.0%
Porto Santo (Island) | 5.9%
*International premium demand refers to demand coming from abroad for homes for sale in Portugal costing more than one million euros
Table: idealista/news
Source: idealista/data
Download these data
Embed
Download image
Created with Datawrapper