Despite a 13.3% drop in completed transactions in 2025, interest remains resilient. The decline follows the end of the golden visa program and the restrictions on the non-habitual resident regime. Visits to listings on the Idealista portal remain strong. In the first quarter of 2026, external demand reached double digits in most major Portuguese cities.

This demand is driven by the perception of Portugal as a haven from global uncertainty and conflicts in the Middle East.

Top of international interest

The island tops the international interest ranking. Funchal accounts for 30% of foreign searches, and Ponta Delgada for 27%. In these locations, some markets dominate. In Ponta Delgada, US investors account for 35% of the international total.

Other cities, such as Viana do Castelo, Faro, Bragança, and Castelo Branco, also show strong external activity, with about 20% of all online property searches originating outside Portugal.

In metropolitan areas, Porto attracts 15% of international interest.

Distinct investment patterns

Spaniards lead with 18%, followed by Americans at 14%. In Lisbon, external demand stands at 13%. The USA leads at 14%, followed by Spain and France.

The spread of nationalities highlights distinct investment patterns at the start of the year.

The USA leads searches in six major cities, such as Aveiro, Braga, Coimbra, and Évora. The UK maintains first place in traditional destinations, including Faro, Setúbal, Beja, and Santarém. France dominates demand in cities like Viana do Castelo and Guarda. Spain focuses on Porto and Portalegre. Switzerland stands out in Viseu and Vila Real.

Diversity of buyers

This diversity of buyers underscores that, despite fiscal policies reducing annual purchases by non-residents to approximately 8,400 homes, Portugal continues to be viewed as a stable, attractive destination by families and investors seeking security amid global uncertainty.