The market for real estate in Portugal, in the retail and office markets, was boosted by foreign investors during the first quarter of this year, announced consultants Jones Lang LaSalle (JLL)
According to the company, referring to data taken from the latest Market Pulse survey, the investment volume recorded between January and March of €28 million was exclusively provided by foreign investors.
Of this €28 million, 79% went into the retail market and the remaining 21% into offices.
"Since the middle of last year we have seen a growing interest by foreign investors in acquiring real estate assets in Portugal. This interest is very diverse, both in its origin and in the type of product that is wanted,” says the general director of JLL Portugal, Pedro Lancastre.
According to the director general these figures are due to the "recovery of economic indicators which are positive for the evolution of the economy."
High Street retail is one of the preferred targets for investors, with “stores leased to recognised brands, with the Avenida da Liberdade and Chiado areas in Lisbon registering a very active demand.”
“The demand for shopping centers also has reemerged" adds Lancastre, giving examples such as Cascais Shopping, Albufeira Shopping and Continent in Portimão.
As well as retail, the consultant noted "the growing dynamism of investment in the residential market, including tourist apartments and buying buildings to refurbish."
"The 'Golden Visa' programme has been a key driver of this market,” added Lancastre.
