Americans have discovered a new European gem, choosing to settle in the picturesque city of Porto, Portugal, once a popular vacation spot now becoming a permanent residence for many.
Known for its rich tradition in Port wine, Porto is Portugal’s second-largest city, boasting a vibrant population of approximately 1.3 million residents. The city’s allure has caught the eye of many U.S. citizens, transforming it into a favored European destination.
Ricardo Costa, the CEO and partner at Luximos Christie’s International Real Estate, shared insights with the Daily Mail, noting, “Porto has been elected by Americans as one of their favorite cities in Europe. Our foreign buyers are increasingly American.”
He observed a marked shift in perception, recounting how Americans used to say, “I heard about Portugal.” Now, they’re saying, “Yes, I’ve been there, I bought a house there, I’m going next month.”
Costa attributes Porto’s growing appeal to its unique blend of a relaxed yet energetic lifestyle. “We offer a kind of relaxed lifestyle, but not as laid-back as other European cities,” he explained. “Americans are used to a faster pace, and here in the north, we tend to align with that vibe.”
By 2023, around 10,000 Americans were living in Portugal and the number continues to grow due to the affordability and safety that the country offers, as well as a change in lifestyle, the American Emigration Revue, that examines American emigration, said.
Luxury real estate advisor Anastasia Kolomiets of The Agency spoke about the draw of the city to Mansion Global and said that as well as the Douro Valley wine region being about 90 miles away, Porto is very affordable but it also boasts the most Michelin-starred restaurants in the country.
‘Think coffee for €1 ($1.10), a glass of wine for €4 ($4.70) and cheap Ubers,’ she said.
Porto, Portugal’s second-largest city, is seeing an uptick in American tourists opting to stay for good
By 2023, around 10,000 Americans were found to be living in Portugal and the number continues to grow due to the affordability and safety that the country offers
Ricardo Costa, partner and CEO of Luximos Christie’s International Real Estate, spoke to the Daily Mail and said Porto offers Americans a relaxed way of life
‘The Algarve and Lisbon had always drawn foreign buyers, but Porto is a more intelligent market – less packed and underrated. But it’s growing fast,’ Kolomiets added.
When buying a home it often means that people get more for their money than in the US. ‘If you compare it to the US, it’s inexpensive… you can buy properties for a fraction of the price,’ Costa said.
He added that a home at around 1,150 to 2,700 sq ft would have a starting price of around €1.5 million ($1.7 million) to €5 million ($5.8 million) if it sits on the waterfront.
Costa boasted that the architecture is also one of features that attracts people and it has a lot of British influence, he said.
‘This is not a typical southern European city like many others… you feel that you are in Europe, but the architecture matches more Central Europe, like a romantic style, gothic style,’ he continued.
‘You’re in Europe, but you don’t feel like you’re in a resort… you don’t feel like you are on the coastline of Marbella or the Algarve. It’s great, absolutely great, but here it’s different.’
Much of what he believes has influenced a move from many Americans has been more flexible work opportunities since the covid pandemic.
‘Portugal has this nomad visa… we are able to attract a lot of people from IT, meaning that they pay very low taxes. Someone who works with Google can work anywhere,’ Costa said.
Anastasia Kolomiets of The Agency said that the city boasts the most Michelin-starred restaurants in the country but the city is still affordable
The picture postcard city is the home of Port wine where an average glass of wine is around $4.70
Much of what has influenced many Americans to move there has been more flexible working opportunities since the covid pandemic
Much of the appeal comes from the ability to live a richer lifestyle at a lower cost
But he added that there was a variety of ages moving in from people in their twenties to retirees along with families with children who attend the international schools.
He believes that Portugal has got more on people’s vacation radar through social media and this has influenced much of the migration trend as people go there on holiday and then decide to stay.
‘Portugal has been more in the spotlight for the last ten-plus years… it became trendy,’ he said.
An American Reddit user agreed that part of the draw to Portugal was a more relaxed way of life. They wrote that it offers ‘a better quality of life, better life for my daughter, slower life and better benefits.
‘Yes, I will make half what I would in the US, but if I get cancer we won’t lose our house and I don’t have save $100k+ for my kid’s university.’
They continued: ‘And the chances of her getting shot in a school are practically zero. And I get better PTO and work life balance.’
Another user, who moved over three years ago, cited healthcare, gun violence, public transit, fresher groceries and political tensions as reasons for moving.
‘Also, I fell in love with the food, people, and culture during an amazing vacation,’ they said.
Another Reddit user, who moved to Porto over three years ago, cited healthcare, gun violence, public transit, fresher groceries and political tensions as reasons for moving
Costa shared this photo as an example of waterfront living in Porto
On Reddit, one American user said that part of the draw to Portugal was a ‘better quality of life, better life for my daughter, slower life and better benefits’
A third said: ‘The cost of living is many times better here than in California. Sure, the housing is getting worse in Portugal which is very unfortunate, but a €300,000 ($350,000) flat would maybe get you a shed in California.’
Costa said that many Americans are keen to immerse themselves in the culture and learn Portuguese despite many English speakers living there.
‘They tend to integrate… try to learn the language, they respect our culture…We never get the feeling that they want to reshape our culture… they adapt, and that’s great.’
He concluded: ‘It’s a charming town, I’m very proud to be born in this town… it’s mainly this charm that makes it so sought after.’
