diff --git a/crates/zensical/src/watcher.rs b/crates/zensical/src/watcher.rs
index bff4658..6becf6a 100644
--- a/crates/zensical/src/watcher.rs
+++ b/crates/zensical/src/watcher.rs
@@ -158,7 +158,8 @@ impl Watcher {
         }
         sources.push(SourceMount::new(path, String::from(".")));
 
-        // Track seen files to restart on config or template change
+        // Original paths are tracked so discovery of a symlink and its target
+        // is not mistaken for a change to an already discovered file.
         let mut seen = BTreeSet::new();
 
         // Normalize watched paths once, so path comparisons stay stable across
@@ -235,9 +236,7 @@ impl Watcher {
                     }
                     // Check if the config file reloaded, and terminate agent,
                     // as we need to kick off the entire pipeline again
-                    if event_path == config_path
-                        && !seen.insert(config_path.clone())
-                    {
+                    if event_path == config_path && !seen.insert(event.path()) {
                         return Err(Error::Disconnected);
                     }
 
@@ -245,7 +244,7 @@ impl Watcher {
                     // and restart the build if we've already seen the file
                     for dir in &theme_dirs {
                         if event_path.starts_with(dir)
-                            && !seen.insert(event_path.clone())
+                            && !seen.insert(event.path())
                         {
                             return Err(Error::Disconnected);
                         }
@@ -254,7 +253,7 @@ impl Watcher {
                     // Check if one of the source files managed by mkdocstrings
                     // changed, and restart the build
                     if watched_files.contains(&event_path)
-                        && !seen.insert(event_path.clone())
+                        && !seen.insert(event.path())
                     {
                         return Err(Error::Disconnected);
                     }
@@ -298,11 +297,19 @@ impl Watcher {
                         continue;
                     }
 
-                    // Compute an identifier from the path and known contexts.
+                    // Rebuilds can be triggered by external watched dependencies.
+                    // Only paths with a source mount are admitted to the workflow.
+                    let mounted = |path: &Path| {
+                        sources
+                            .iter()
+                            .any(|source| path.starts_with(&source.root))
+                    };
                     match event {
                         // File was created or modified
                         Event::Create { path, .. }
-                        | Event::Modify { path, .. } => {
+                        | Event::Modify { path, .. }
+                            if mounted(&path) =>
+                        {
                             batch.push(Change::Insert(
                                 to_id(&path, &sources)?.into(),
                                 Source::from(path),
@@ -311,21 +318,26 @@ impl Watcher {
 
                         // File was renamed
                         Event::Rename { from, to, .. } => {
-                            batch.push(Change::Remove(
-                                to_id(&from, &sources)?.into(),
-                            ));
-                            batch.push(Change::Insert(
-                                to_id(&to, &sources)?.into(),
-                                Source::from(to),
-                            ));
+                            if mounted(&from) {
+                                batch.push(Change::Remove(
+                                    to_id(&from, &sources)?.into(),
+                                ));
+                            }
+                            if mounted(&to) {
+                                batch.push(Change::Insert(
+                                    to_id(&to, &sources)?.into(),
+                                    Source::from(to),
+                                ));
+                            }
                         }
 
                         // File was removed
-                        Event::Remove { path, .. } => {
+                        Event::Remove { path, .. } if mounted(&path) => {
                             batch.push(Change::Remove(
                                 to_id(&path, &sources)?.into(),
                             ));
                         }
+                        _ => {}
                     }
                 }
 
diff --git a/python/tests/integration/test_config.py b/python/tests/integration/test_config.py
index ccf0df5..7c8b771 100644
--- a/python/tests/integration/test_config.py
+++ b/python/tests/integration/test_config.py
@@ -158,6 +158,73 @@ def test_build_with_config_in_watch(
     assert (tmp_path / "site" / "index.html").is_file()
 
 
+@pytest.mark.parametrize("toml", [False, True], ids=["yaml", "toml"])
+@pytest.mark.parametrize(
+    "watch_path", ["extras/page.md", "extras", "docs/index.md", "."]
+)
+@pytest.mark.parametrize("external_target", [False, True])
+def test_build_with_symlinked_page_in_watch(
+    tmp_path: Path, toml: bool, watch_path: str, external_target: bool
+) -> None:
+    project = tmp_path / "project"
+    project.mkdir()
+    if external_target and watch_path.startswith("extras"):
+        watch_path = "../" + watch_path
+
+    config = (
+        _make_toml_project(project, toml_extra=f'watch = ["{watch_path}"]')
+        if toml
+        else _make_yml_project(project, yml_extra=f'watch: ["{watch_path}"]')
+    )
+    extras = (tmp_path if external_target else project) / "extras"
+    extras.mkdir()
+    target = extras / "page.md"
+    target.write_text("# Symlinked page\n", encoding="utf-8")
+
+    # The watched target is exposed through two independent docs paths.
+    (project / "docs" / "index.md").unlink()
+    for name in ["index.md", "alias.md"]:
+        try:
+            (project / "docs" / name).symlink_to(target)
+        except OSError as error:
+            pytest.skip(f"symbolic links unavailable: {error}")
+
+    _build(config)
+
+    for output in ["index.html", "alias/index.html"]:
+        html = (project / "site" / output).read_text(encoding="utf-8")
+        assert "Symlinked page" in html
+
+
+@pytest.mark.parametrize("toml", [False, True], ids=["yaml", "toml"])
+@pytest.mark.parametrize("dependencies", ["macros", "watch", "both"])
+def test_build_ignores_dangling_symlinks_in_watched_directories(
+    tmp_path: Path, toml: bool, dependencies: str
+) -> None:
+    if toml:
+        options = 'watch = ["docs"]\n' if dependencies != "macros" else ""
+        if dependencies != "watch":
+            options += "[project.plugins.macros]\n"
+        config = _make_toml_project(tmp_path, toml_extra=options)
+    else:
+        options = "watch: [docs]\n" if dependencies != "macros" else ""
+        if dependencies != "watch":
+            options += "plugins: [macros]\n"
+        config = _make_yml_project(tmp_path, yml_extra=options)
+
+    # A dangling link is ignored while the existing page is still rendered.
+    try:
+        (tmp_path / "docs" / "broken.md").symlink_to("missing.md")
+    except OSError as error:
+        pytest.skip(f"symbolic links unavailable: {error}")
+
+    _build(config)
+
+    html = (tmp_path / "site" / "index.html").read_text(encoding="utf-8")
+    assert "Hello" in html
+    assert not (tmp_path / "site" / "broken").exists()
+
+
 @pytest.mark.parametrize("config_format", ["yaml", "toml"])
 @pytest.mark.parametrize(
     ("enabled", "version_selector", "expected"),
diff --git a/python/tests/integration/test_macros.py b/python/tests/integration/test_macros.py
index 3fd958f..395f233 100644
--- a/python/tests/integration/test_macros.py
+++ b/python/tests/integration/test_macros.py
@@ -29,6 +29,7 @@ import json
 import os
 import subprocess
 import sys
+import time
 from textwrap import dedent
 from typing import TYPE_CHECKING
 from urllib.parse import parse_qs, urlsplit
@@ -74,6 +75,99 @@ def _write_config(
     return config
 
 
+@pytest.mark.parametrize("toml", [False, True], ids=["yaml", "toml"])
+@pytest.mark.parametrize("target_location", ["docs", "project", "external"])
+def test_default_include_directory_builds_symlinked_pages(
+    tmp_path: Path, toml: bool, target_location: str
+) -> None:
+    project = tmp_path / "project"
+    project.mkdir()
+    config = _write_config(project, {"on_error_fail": True}, toml=toml)
+    docs = project / "content"
+    target_dir = {"docs": docs, "project": project, "external": tmp_path}
+    target = target_dir[target_location] / "page.md"
+    target.write_text("# Hello\n\nValue: {{ 1 + 1 }}\n", encoding="utf-8")
+
+    # Two aliases are discovered alongside the target without ending the build.
+    for name in ["index.md", "alias.md"]:
+        try:
+            (docs / name).symlink_to(target)
+        except OSError as error:
+            pytest.skip(f"symbolic links unavailable: {error}")
+
+    zensical.build(str(config), {"clean": True, "strict": False})
+
+    for output in ["index.html", "alias/index.html"]:
+        html = (project / "site" / output).read_text(encoding="utf-8")
+        assert "Value: 2" in html
+
+
+@pytest.mark.parametrize("dependency", ["page", "include"])
+def test_serve_rebuilds_after_symlinked_macro_dependency_changes(
+    tmp_path: Path, dependency: str
+) -> None:
+    config = _write_config(tmp_path, {"on_error_fail": True})
+    with config.open("a", encoding="utf-8") as stream:
+        stream.write("dev_addr: 127.0.0.1:0\n")
+
+    docs = tmp_path / "content"
+    target = tmp_path / ("page.md" if dependency == "page" else "fragment.j2")
+    target.write_text("First value: {{ 1 + 1 }}\n", encoding="utf-8")
+    alias = docs / ("index.md" if dependency == "page" else "fragment.j2")
+    try:
+        alias.symlink_to(target)
+    except OSError as error:
+        pytest.skip(f"symbolic links unavailable: {error}")
+
+    if dependency == "include":
+        (docs / "index.md").write_text(
+            '{% include "fragment.j2" %}\n', encoding="utf-8"
+        )
+
+    output = tmp_path / "site" / "index.html"
+    with (tmp_path / "serve.log").open("w+", encoding="utf-8") as log:
+        process = subprocess.Popen(  # noqa: S603
+            [sys.executable, "-m", "zensical", "serve", "-f", str(config)],
+            cwd=tmp_path,
+            stdout=log,
+            stderr=subprocess.STDOUT,
+        )
+
+        def wait_for(text: str) -> None:
+            deadline = time.monotonic() + 10
+            while time.monotonic() < deadline:
+                try:
+                    content = output.read_text(encoding="utf-8")
+                except FileNotFoundError:
+                    content = ""
+                if text in content:
+                    return
+                if process.poll() is not None:
+                    break
+                time.sleep(0.02)
+
+            log.seek(0)
+            pytest.fail(f"serve did not rebuild: {log.read()}")
+
+        try:
+            wait_for("First value: 2")
+
+            # Canonical targets are still watched after alias discovery.
+            target.write_text("Updated value: {{ 1 + 1 }}\n", encoding="utf-8")
+            timestamp = target.stat().st_mtime + 2
+            os.utime(target, (timestamp, timestamp))
+
+            wait_for("Updated value: 2")
+            assert process.poll() is None
+        finally:
+            process.terminate()
+            try:
+                process.wait(timeout=5)
+            except subprocess.TimeoutExpired:
+                process.kill()
+                process.wait(timeout=5)
+
+
 @pytest.mark.parametrize("toml", [False, True], ids=["yaml", "toml"])
 def test_force_render_paths_uses_docs_paths_and_page_metadata(
     tmp_path: Path, toml: bool
diff --git a/python/zensical/config.py b/python/zensical/config.py
index c36dd26..9b4b18f 100644
--- a/python/zensical/config.py
+++ b/python/zensical/config.py
@@ -1320,6 +1320,8 @@ def _list_macros_files(config: dict, config_file: str) -> set[tuple[str, int]]:
             for root, _, files in os.walk(candidate_dir):
                 for file in files:
                     file_path = os.path.join(root, file)
+                    if not os.path.isfile(file_path):
+                        continue
                     mtime = int(os.path.getmtime(file_path))
                     files_with_mtime.add((file_path, mtime))
 
@@ -1353,6 +1355,8 @@ def _list_watch_files(config: dict, config_file: str) -> set[tuple[str, int]]:
             for dirpath, _, files in os.walk(path):
                 for file in files:
                     file_path = os.path.join(dirpath, file)
+                    if not os.path.isfile(file_path):
+                        continue
                     mtime = int(os.path.getmtime(file_path))
                     files_with_mtime.add((file_path, mtime))
     return files_with_mtime