During 2020, commercial real estate investment volume in Portugal reached c.€2.75 billion (-c.15% vs. 2019), being the third year with highest investment volume in spite of Covid-19 crisis. This high investment figure in 2020 is partially explained by the size of the top 3 transactions which accounted for c.55% of total investment: the acquisition of 50% of Sierra Prime by Allianz for €800 million, the sale of Lagoas Park by the Kildare Group for €425 million and the purchase of Hoteis Real by Palminvest for €300 million.

In 2020, the Retail sector concentrated 40% of total investment volume in Portugal, followed by the Office and Hotel sectors representing 35% and 20% respectively. In terms of capital source, foreign capital accounted for c.75% of total investment, although there has been a significant surge in domestic investors (+c.40% vs. 2019).

Forecast for Q2 2021 onwards is optimistic, expecting a dynamic second half of the year if Covid-19 vaccine programme is successful and the market recovers momentum. Build to Rent (PRS) and logistic sectors are expected to attract most interest from investors.

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