Caching class attributes in Python

3.8 ≤ Python @property and @functools.lru_cache have been combined into @cached_property.

import functools
class MyClass:
    @functools.cached_property
    def foo(self):
        print("long calculation here")
        return 21 * 2

3.2 ≤ Python < 3.8

You should use both @property and @functools.lru_cache decorators:

import functools
class MyClass:
    @property
    @functools.lru_cache()
    def foo(self):
        print("long calculation here")
        return 21 * 2

This answer has more detailed examples and also mentions a backport for previous Python versions.

Python < 3.2

The Python wiki has a cached property decorator (MIT licensed) that can be used like this:

import random
# the class containing the property must be a new-style class
class MyClass(object):
   # create property whose value is cached for ten minutes
   @cached_property(ttl=600)
   def randint(self):
       # will only be evaluated every 10 min. at maximum.
       return random.randint(0, 100)

Or any implementation mentioned in the others answers that fits your needs.
Or the above mentioned backport.

The usual way would be to make the attribute a property and store the value the first time it is calculated

import time

class Foo(object):
    def __init__(self):
        self._bar = None

    @property
    def bar(self):
        if self._bar is None:
            print "starting long calculation"
            time.sleep(5)
            self._bar = 2*2
            print "finished long caclulation"
        return self._bar

foo=Foo()
print "Accessing foo.bar"
print foo.bar
print "Accessing foo.bar"
print foo.bar

I used to do this how gnibbler suggested, but I eventually got tired of the little housekeeping steps.

So I built my own descriptor:

class cached_property(object):
    """
    Descriptor (non-data) for building an attribute on-demand on first use.
    """
    def __init__(self, factory):
        """
        <factory> is called such: factory(instance) to build the attribute.
        """
        self._attr_name = factory.__name__
        self._factory = factory

    def __get__(self, instance, owner):
        # Build the attribute.
        attr = self._factory(instance)

        # Cache the value; hide ourselves.
        setattr(instance, self._attr_name, attr)

        return attr

Here's how you'd use it:

class Spam(object):

    @cached_property
    def eggs(self):
        print 'long calculation here'
        return 6*2

s = Spam()
s.eggs      # Calculates the value.
s.eggs      # Uses cached value.