Commercial property investment in Portugal is projected to reach between 2.4 and 2.75 billion euros by the close of 2026, driven primarily by strong hospitality and retail sectors that continue to attract international capital despite previous monetary tightening.
The market turnaround follows a sharp contraction in 2023, when transaction volumes fell by approximately 48% to 50% down to 1.66 billion and 1.70 billion euros, following a record peak between 3.3 and 3.4 billion euros in 2022.
During the first nine months of 2026, total investments ranged between 1.9 and 2.1 billion euros. Savills recorded total volumes at 1.9 billion euros, marking a 3% year-on-year increase, while JLL estimated the total near 2 billion euros, up 1%. WORX placed the figure higher at 2.1 billion euros, representing an 11% increase. According to Savills, 75 transactions were concluded between January and September, marking a 36% increase compared to the previous year.
Foreign capital remains the dominant force behind the recovery. Savills data shows international buyers account for roughly 72% of capital commitments, with institutional funds from the United Kingdom, France, and Spain leading activity across mid-sized transactions averaging 24.9 million euros.
| Real Estate Agency | 9-Month 2026 Volume | Year-on-Year Growth |
|---|---|---|
| Savills | 1.9 billion euros | +3% |
| JLL | ~2.0 billion euros | +1% |
| WORX | 2.1 billion euros | +11% |
Hospitality assets captured 588 million euros during the first three quarters of 2026, representing a 51% surge compared to the previous year. The retail sector followed closely with 556 million euros, concentrated heavily in supermarkets and retail parks. Acquirers prioritized retail parks, supermarkets, and downtown locations in Lisbon and Porto, illustrated by Trei Real Estate’s divestment of the Amalia portfolio comprising 49 supermarkets.
Industrial and logistics investments grew 68% year-on-year to reach 248 million euros. This expansion occurred despite a structural shortage of modern Class A facilities, which has pushed investors toward ground-up development rather than acquiring existing stock.
Data centers emerged as an increasingly vital asset class, mobilizing 136 million euros as digital infrastructure and artificial intelligence applications drive demand. Conversely, the office sector contracted 17% to 195 million euros, constrained by high borrowing costs and stricter environmental, social, and governance requirements demanded by multinational tenants in Lisbon and Porto. Annual volume estimates for 2025 stand between 2.7 and 2.85 billion euros.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
