According to data published by the consultants JLL, €351 million was spent in the national real estate market between April and June. This represents a 57% increase from the previous quarter, resulting in a total investment of €575 million in the first half of the year.

“This semester is marked by the entry of new international 'players', on the one hand, and by the growing activity of national institutional and also private investors,” said the consultants in a press release.

They also estimate “that the total investment volume in 2021 will exceed €2.5 billion, which proves the attractiveness of Portugal as an investment destination, even in a scenario of recovery and some uncertainty”.

The consultants continued: “The end of the Golden Visa programme in its current form in January 2022 is putting pressure on sales to foreigners and diversifying the range of active nationalities such as Brazil, France and the United States.”

Ups and downs

Despite the increase compared to the first quarter, several consultants registered an overall drop compared to the first half of 2020. Data from the consultancy firm CBRE shows a 70% decrease in the first half of this year, compared to the same period of 2020.

This percentage corresponds to an investment of €530 million in high-yield real estate caused by the Covid-19 pandemic, which represented a reduction in activity only comparable to 2014 and the years prior to the economic and financial crisis.

Of the amount invested during the first half of the year, 40% went to the office segment (€210 million), 31% to residential rental properties (€165 million) and 14% to retail (€75 million).

Like JLL, CBRE believes that the second half of 2021 will be more dynamic, expecting a range of total investment volume in 2021 of between €1.7 billion and €2.7 billion.

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