Trump effect continues to drive US demand for premium and luxury homes in Portugal

US citizens with high purchasing power are continuing to look to Portugal as a safe haven to live and invest.

According to the latest data from Idealista, demand from US buyers for luxury houses continues to be strong despite there being less tax incentives for real estate investment in Portugal.

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. ​

Internally, Americans have felt the effects of his harsh immigration policy, which resulted in 605,000 deportations last year, and are witnessing the great pressure ​exerted on the Federal Reserve to ​reduce interest rates. ​

Externally, the application of harsh tariffs to several countries in the world – including the European Union – and the ​capture ​of the President of Venezuela, Nicolás Maduro, earlier this year, along with the escalation of tensions with Iran, stand out.

It is within this context of instability centered on the US, that US families and investors, particularly HNWI, have been looking at Portugal as a place to relocate.

According to the latest data for luxury properties for sale in Portugal from 4Q of 2025, the UK continues to lead purchases of premium and luxury properties (13%), followed by US citizens at 12%, Germans (10%, French (9%), Spain (8%), Netherlands (6%) and Brazil (6%).

The latest data shows that citizens from the United States continue to actively look for properties that cost over €1 million.

In the last quarter of 2025, US relocaters represented 12% of total demand from overseas house hunters for premium properties, being the nationality that has grown the most and that interest continues to be high despite the fact that Portugal’s Golden Visa programme no longer has a residential property investment option which had been terminated at the end of 2023.

Greater Lisbon is the district that attracts the most interest from overseas buyers with Americans leading (45.5%), followed by Faro (16.1%) and Porto (9.4%). These three districts together concentrate 72% of the demand for houses from the US.

Madeira (6.1%), Setúbal (5.6%), São Miguel (3.9%) and Leiria (3%) also show buoyant interest from US citizens reflected by house views and purchases.

Braga, Viana do Castelo and Aveiro are the only other districts in Portugal where the number of house sales to US citizens are above 1%.

Picture: Supplied Idealista – Freepik