Of the 1,600 million euros that entered the property capital, hotels and retail secured 40% and 35%, respectively. The drop is the result of more cautious investors, concluded the Property Handbook study.
In 2023, the investment in real estate dropped 50%for a total of 1,600 million euros, compared to the previous year. The justification for the slowdown lies in the caution that dominates the market“and not by the performance of assets”, according to the conclusions of the 9th edition of the Property Handbook study, a partnership between the service provider CBRE and the law firm Vieira de Almeida.
Those responsible for the report state that the hotel and retail sectors captured most of the investment: 40% and 35%respectively.
In detail, tourist accommodation reached new records, accommodating 30 million guests and 77 million overnight stays last year, “reflecting annual increases of 13% and 11%respectively”, indicates the report. In the capital, 20 new hotels were opened and many more are expected in 2024. To the north, Invicta gained more than a dozen hotels in 2023 and 15 more are planned for 2024.
When it comes to retail, the country has three more retail parks nationwide. In Lisbon there are another 93 stores and in Porto another 67.
Also the number of homes sold fell 24% compared to 2022. For this year, analysts predict a path of increasing housing prices, but admit a possible weakening of sales due to current interest rates.
“Currently, we feel in the real estate market a moment of some instability and uncertainty caused by the global socioeconomic context. However, there are several asset classes that maintain solid fundamentals and Portugal continues to be an attractive destination for investors“, stated the general director of CBRE, Francisco Horta e Costa.
In turn, Miguel Marques dos Santos, from the law firm Vieira de Almeida, considers that “despite the global socioeconomic context, in the second quarter of 2023, we once again felt great interest from foreign investors in our market”.
The study, first published in 2012, aims to update investors on the property market in relation to investment and occupancy, as well as detailing various investment segments. For example, in 2023, the health/pharmacy and telecommunications and technology sectors had the highest occupancy rate in offices, which, even so, saw a drop in demand, they point out.
*Text edited by Cláudia Arsénio
