Commercial Real Estate in Portugal: Sustained Growth and International Capital

The commercial real estate investment market in Portugal showed strong dynamism in 2025. The invested volume approached €2.7 billion, reflecting a more active market and renewed confidence from both domestic and international investors, according to market data and analyses from Cushman & Wakefield.

This dynamism has been evident since the beginning of the year. In the first half of 2025, investment in commercial real estate grew by 78% compared to the same period the previous year, reflecting an active market and capital anticipating opportunities in the new cycle.

International capital continues to play a key role, representing around 60% of the total invested volume. Beyond volume, there is a clear trend of increasing sectoral diversification, with capital allocated to retail, offices, hospitality, alternative assets, and the industrial and logistics segment, a clear reflection of the market’s maturity, depth, and sophistication.

Outlook remains positive, with projections pointing to a market approaching €3 billion in 2026, provided macroeconomic stability and global investor interest persist.

In a context of abundant information availability, the real differentiator lies in the ability to interpret the cycle and make decisions with context and rigor. That is where value is created in Portugal’s Commercial Real Estate market.