Investment dynamics in the national market
Investment in commercial real estate in Portugal recorded significant growth throughout 2025, reflecting a context of increased confidence and liquidity in the market. By the end of the third quarter, the cumulative investment volume had reached historically high levels, confirming a consistent recovery following a period of adjustment marked by rising interest rates. This performance reveals a stronger capacity to attract capital and a renewed appetite for strategic real estate assets.
The increase in the average value per transaction demonstrates a higher concentration of investment per deal, indicating that investors are prioritising larger, higher-quality assets. Compared to the average of recent years, the growth in investment points to a more robust cycle, supported by positive expectations regarding economic developments and the stability of the commercial real estate market.
Retail and hospitality lead investment
Among the segments with the greatest weight in investment, retail and hospitality stand out, accounting for more than half of the total volume invested. Investment in retail spaces benefited from stronger consumption and the appreciation of well-located assets, particularly shopping centres, which continue to attract both institutional and private capital.
In the hospitality sector, investment maintained an upward trajectory, supported by tourism growth and strong international demand. The opening of new units and the increase in installed capacity reinforce the attractiveness of this segment, which combines operating income with medium- to long-term value appreciation potential. Hospitality investment therefore continues to be viewed as a strategic pillar of commercial real estate in Portugal.
Offices and logistics show signs of recovery
Investment in offices has also begun to show signs of recovery, despite the scarcity of high-quality assets in central locations. The increase in prime yields reflects this supply constraint, while at the same time evidencing a healthy price adjustment. Demand remains active, particularly for modern and efficient spaces aligned with new occupancy requirements.
In the industrial and logistics sector, investment exceeded levels recorded in previous years, even in a context of limited supply of modern facilities. The growth of logistics stock and the increase in pre-letting operations demonstrate that investment is keeping pace with the transformation of distribution chains and the consolidation of e-commerce. Despite fluctuations in annual absorption, the acceleration in the last quarter confirms the resilience of this segment.
Outlook for real estate investment
The stabilisation of yields across most segments suggests a gradual balance between supply and demand, creating favourable conditions for new investment cycles. In specific assets, such as supermarkets and student residences, strong demand combined with limited supply has led to yield compression, reinforcing investor interest.
Overall, investment in commercial real estate in Portugal reflects a more mature and diversified market, capable of attracting different profiles of capital. The combination of greater liquidity, occupier confidence and economic recovery supports positive investment prospects in the coming periods. This context positions the national market as a competitive destination for real estate investment, with opportunities spread across various segments and regions of the country.