Investment in commercial real estate in Portugal fell in the first quarter of 2023. The conclusion is from consultancy CBRE, which compared the figures for the first quarter of 2023 with those for 2022.
According to this Wednesday’s edition of the Público Imobiliário supplement, the drop in investment is a result of “greater caution by the market” with inflation, but also with “rising interest rates and economic and geopolitical instability”: “There is a more cautious attitude on the part of investors who expect a stabilisation and even possible adjustment of prices,” says the consultancy.
However, when compared to the same period of 2019, the volume of investments was only 14% of the registered volume: “It shows that commercial real estate in Portugal continues to be a very attractive market for national and international investors,” he considers.
Of all the investment made, the vast majority is concentrated in the Lisbon area and more than 80% is of foreign origin, mainly American. Retail assets represent the largest slice with 153 million euros invested, followed by offices (38 million), the logistics sector (33 million) and the health sector (6 million).