During the first half of 2024, North Americans were the foreign nationality that bought the most houses in Portugal – according to the most recent data from Confidencial Imobiliário, and since 2018 they have been in the top 5 nationalities that invest the most in the country.

In 2024 alone, 7.5% of Quintela + Penalva's clients were US citizens, and the broker expects to at least double that number in 2025.

The growth forecast is from Jorge Costa, COO of Quintela + Penalva, a real estate partner of Knight Frank that organised a conference on “The flow of North American investors in Portugal”.

The attraction in question is largely due to the “explosion of knowledge” about Portugal in the US, a reality driven in recent years by the creation of direct routes and the commitment of national tourism bodies, as assured by Rodrigo Carvalho, President of the Chamber of Commerce of Portugal in the United States, and headquarters in New York.

Having lived in the US for over 10 years, he stressed that this is just “the beginning of American tourism in Portugal”. Quality of life, access to various services, including the National Health Service, proximity to other European capitals, security, climate, charm, and even the results of the 2016 and 2024 US elections were contributing factors to the increase in demand, according to the own.

“Boutique country”

The “romanticised idea” of Portugal, the “old world” identity and the “boutique country” were also factors listed for the growing interest of North Americans in Portugal.

Since it is not possible to define a customer pattern or purchasing trends, Marcos Drummond, commercial director of VIC Properties, gave the concrete example of Prata Riverside Village, in Lisbon. The fact that the project was designed by renowned Italian architect Renzo Piano is a reason for its attraction to the North American public. This and their familiarity with the rehabilitation of formerly industrial areas, as is the case of Marvila. While 55% of buyers at Prata Riverside Village are Portuguese, 7% are North American (in the top 3 of over 40 nationalities buying homes).

According to the company, Quintela + Penalva’s 2025 plan | Knight Frank is based and focuses mainly on this market, which is seen as having great potential for growth in the coming years.

If in 2023, 209 real estate transactions were made by North American clients in national territory, according to Confidencial Imobiliário, in the first half of 2024 alone the number corresponds to 107 properties. These and other values ​​illustrate that “Portugal is on the radar”.