For some international buyers, a second home is no longer mainly about holidays.
It is becoming a way to keep options open.
A property in Portugal might be used for several months each year, by children studying in Europe, or simply as a familiar place a family can return to if work, politics or personal circumstances change.
That does not mean buyers are preparing for a crisis. It means the role of a second home is becoming broader.
Portugal fits that change particularly well. Lisbon has shifted from a market driven largely by investment towards one where lifestyle, relocation and second-home demand play a much bigger role.
Foreign investment in Portuguese real estate also reached a record €3.9 billion in 2025.
At the upper end of the market, international demand remains significant. In Portugal’s luxury and ultra-luxury segment, foreign buyers account for around 65% of transactions, with Cascais, central Lisbon, Comporta and the Algarve among the principal locations.
The motivation is not always financial.
A family may want access to international schools, an airport, healthcare and a home that works throughout the year rather than only in summer.
In that context, places such as Cascais have an advantage because they function as normal residential communities even when the holiday season ends.
There is also an important distinction. Buying a property in Portugal does not automatically give someone the right to live here permanently. Real estate has not qualified for Portugal’s Golden Visa programme since 2023.
For internationally mobile families, those decisions are increasingly separate.
Where they own a home, where they have residency rights, where they work and where their children study do not necessarily have to be the same country.
The second home is still a place to enjoy. For some buyers, it is also simply useful to know that it is there.
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