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Teleportation circle (PHB, pg. 282) can be made permanent, as the spell description says:

You can create a permanent teleportation circle by casting this spell in the same location every day for one year.

Dispel magic (PHB, pg. 234) can only target an object, creature, or magical effect.

A permanent teleportation circle doesn't seem to be an object or magical effect; it is an inscription, a writing. Can it actually be dispelled?

Yes. It can be dispelled.

As Jeremy Crawford indicates here.

If the effect of a spell becomes permanent, it can be dispelled,
unless its description says otherwise.

So unless a spell description says otherwise it is still an effect of the spell and dispel magic ends spells.

Several reasons might arise to discourage someone from dispelling a Teleportation Circle that they find.

1. They want more options for travel (jotting down the address for
   later use).


2. Gentlemen's Agreement to not mess with other's work at that scale (because for wizards especially they know how much went into it).


3. Surveillance of the comings and goings of certain individuals.

This doesn't change the fact that by RAW they can dispel it just descreases the likelihood that they would.

RAW, yes it can be dispelled.

A Teleportation Circle would be a magical effect (it is the effect of a spell, after all). There is nothing in the spell description that says making it permanent changes this.

And Dispel Magic specifically says it can target a magical effect as you point out.

So this would work.

On the other hand, it seems a bit harsh for a year of work to be cancelled out by a single casting of Dispel Magic! As a DM I might declare that a Teleportation Circle made permanent is now a magic item rather than a magic effect and therefore not affected by Dispel Magic (or possibly only temporarily suppressible). But this would be a homebrew ruling.

I'm not sure how accurate my interpretation is, but I'd argue a permanent teleportation circle is not a magical effect any more than someone's death due to Power Word Kill is, and thus unless Dispel Magic could resurrect someone killed with Power Word Kill, I'd argue a permanent teleportation circle can't be dispelled either.

I have to disagree that the duration is permanent. The spell's duration is 1 round/6 seconds. The wording of the spell says you can "create a permanent teleportation circle", rather than extend the duration of anything. I'd argue that a "Permanent Teleportation Circle" is a completely separate thing from a Teleportation Circle, and that there's no magic holding one in place. I believe it to be more simply like a marker, perhaps a "dent" in the Weave so to speak. It doesn't teleport anything; rather, a normal Teleportation Circle does. A permanent circle simply serves as a marker for the spell to "lock on" to. The magic lasts 6 seconds each time the spell is used, but beyond that what is left is not a magical effect in my interpretation.