Real estate investment in Portugal could reach 2,700 ME this year
From the Newsroom with Lusa
Real estate consultancy Cushman & Wakefield estimates that investment in the sector in Portugal this year could reach 2.7 billion euros, compared to 2.1 billion euros in 2021, with the help of hotels and logistics.
Eric van Leuven, managing director of Cushman & Wakefield in Portugal, highlighted “in the first half of the year that there is a great preponderance of investment in two asset classes that have never been so popular in hotels and logistics” and which represent “almost 90% of all institutional investment in real estate”.
According to the same official, in the first half of the year there was an investment volume of more than 600 million euros, but in July and August these amounts “almost doubled and there was 1.2 billion euros of investment completed in 2022” .
Eric Leuven also mentioned that, taking into account the announced deals, there is another 1.5 million euros of investment in the pipeline until the end of the year, totaling 2.7 million euros.
“The Portuguese market has performed very well in the latter, contrary to other European markets that clearly resented the war, the uncertainty of the months, the increase in costs and the interest rate, which is still very important in real estate. ”, he underlined, warning, however, that this situation could change.
For 2023, director-general of the consultancy is more than “a little apprehensive”.
“I think there will be a downturn in the real estate market in terms of volume and above all in terms of values. At the moment, investors do not know very well where the ‘floor’ of prices is. Quality numer is more difficult to determine where the price is and, therefore, who will invest a slowdown in 2023, especially in the middle, but that is the vision”, he cautioned, adding that “a lot depends on the energy crisis or the war in Ukraine. ”, among other factors.
But for now, he pointed out, “there is investment to be convinced” that is convinced “to dress”, and still does not see as other colleagues in other countries that investors retract the proposals” or prices will materialize many situations.
As for the residential area, Eric van Leuven said that “there is such a lack of houses that there will be no shortage of demand that will go into crisis”.
“Houses may eventually be being built that will not be the same for the Portuguese and that will depend on purchases by foreigners”, he noted, noting that they continue to choose Portugal for.
Eric van Leu people who poison people’s problems that there are projects of interest and other problems, but it’s for lack of doing for other problems, licensing guidance, taxes, projects and obstacles, that they face the other problems.
“It is a problem that has to be resolved at a political level”, he concluded.