US Buyers Have Rediscovered Portugal — Here’s What That Means for Property Investors

Why Americans are treating real estate Portugal like a well-kept secret

Portugal is attracting renewed attention from international buyers, and real estate Portugal is increasingly on the shortlist for American investors who want to diversify. The comment comes from US brokerage specialist Kendall Bonner, who told idealista/news that "Portugal is still a well-kept secret." Her remarks were made at the 4th APEMIP IMOCIONATE Convention on 30 June 2026 at the Estoril Congress Centre, and they are worth taking seriously if you follow cross-border property markets.

We start by stating the obvious: demand from US buyers is rising for reasons that combine lifestyle appeal and financial strategy. Lisbon’s older buildings, walkable streets and climate impressed Bonner and many conference attendees, and that visceral attraction is translating into investment interest. But attraction alone does not make a successful cross-border investment strategy. Our analysis will separate the emotional draw from the practical steps and the risks you should recognise before buying.

What Kendall Bonner said at APEMIP and why it matters

Kendall Bonner is the author of The Motivated Mover Method and a specialist in US real estate brokerage. Speaking at the APEMIP convention she made three points that matter for anyone thinking about property Portugal:

• "Portugal is still a well-kept secret," a phrase she used to describe the country’s combination of culture, climate and hospitality.
• She underlined that Americans are increasingly looking to diversify away from US-only portfolios, noting wealth accumulation, more accessible travel and appetite for international exposure.
• On industry practice, she contrasted the US system, where a licence and mandatory training are required for brokers, with Portugal where a law to make training compulsory is currently going through the legislative process.

These remarks are not mere sightseeing praise. They highlight structural issues for the Portuguese property market: the need to professionalise the brokerage sector, and the importance of clear, consumer-friendly communication to convert interest into transactions.

The appeal of Portugal for US buyers: lifestyle, convenience and similarity

Bonner’s first impressions of Lisbon are revealing for investors. She emphasised the city’s preserved architecture and walkable streets, and noted that many American buyers feel a sense of familiarity with Portuguese cities if they come from large urban centres.

Key reasons Portugal appeals to Americans:

• Historic architecture and maintained urban cores, which investors view as both attractive and a hedge against commoditised new builds.
• Climate and culture, important for second-home buyers and retirees.
• Ease of travel, making management of overseas property more practical than in past decades.

Practically, these features matter because they shape demand patterns. Older, well-preserved properties in central Lisbon or Porto often command price premiums because they appeal to buyers seeking character as well as rental income potential. For investors focused on holiday lets or long-term capital growth, that character can be decisive.

Regulatory and professional differences: US licence model vs evolving Portuguese rules

One of the convention’s central debates focused on brokerage regulation. In the US, real estate agents must hold a licence and complete mandatory training and continuing education in most states. Bonner characterised that system as imperfect but evolved, and she argued it raises the professional standard expected by consumers.

In Portugal, a new law aiming to make training compulsory for brokers is progressing through the legislature. This is significant for international investors because the presence or absence of regulated training affects transaction risk. If you work with a licensed and trained professional you reduce the chance of misunderstandings, poor valuations or compliance mistakes.

What to watch for as an investor:

• Verify the credentials of the agent or brokerage you use. Ask whether they have formal training and membership in professional associations.
• Demand full disclosure on fees and commissions, any conflicts of interest, and a clear explanation of the local buying process.
• If you plan to rely on remote management, confirm the availability of vetted property managers and legal advisors who specialise in non-resident clients.

Artificial intelligence in real estate: threat or tool?

Bonner’s blunt assessment on AI deserves attention. She said agents who adopt AI will replace those who do not, and warned that "not integrating AI into the business is a mistake." At the same time she emphasised that AI should be a strategic tool and not a replacement for the human relationship at the heart of brokerage.

How AI is likely to be used in the Portuguese property sector:

• Market analysis and comparative valuations to speed up due diligence.
• Automated lead management and client communication, improving responsiveness for international buyers in different time zones.
• Document automation for contracts and compliance checks, reducing human error on routine tasks.

For investors that means two practical steps:

1. Prefer brokers who can demonstrate intelligent use of technology for market insight and client service. AI alone is not a guarantee of competence, but in experienced hands it improves productivity and transparency.
2. Keep the human checks in place. Use local lawyers for contract review and local surveyors for technical inspections; do not rely on algorithmic reports alone.

What rising interest from Americans means for housing prices and investment strategy

We must be cautious about general assertions on price movements. The original interview does not supply numeric forecasts. But it is reasonable to infer that stronger demand from a new buyer cohort can affect pricing dynamics in concentrated submarkets such as prime Lisbon neighbourhoods and coastal resorts.

Practical implications for investors:

• Expect competition in desirable areas. If supply is limited and demand grows, price appreciation can follow, especially for smaller inventories of renovated historic flats.
• Consider asset segmentation. Not all property types will benefit equally.