2024 Portugal Real Estate Market Outlook

As in 2022, several factors of uncertainty have overshadowed the market in 2023. The investment globally in real estate had a significant decline when compared to the previous year, motivated mainly by the economic downturn and high interest rates. This made investors to continue to adopt a more conservative investment policy over the year.

Nevertheless, the forecast for 2024 is more optimistic. We expect to see an increase in investment volume of up to 15% compared to 2023, with activity picking up mostly in the second half of the year. Repricing is likely to be less than in 2023, which will help to boost investment levels.

Product availability remains low in almost every traditional asset class and this should continue to drive rent increases in offices and logistics. There are also various sectors in the early stages of development or growth, such as student accommodation, senior housing, healthcare and agribusiness, where multiple business opportunities can be found.

It is undeniable that sustainability is on both owners and tenants’ agenda. However, CBRE believes that there still is a long way to go when we talk about certifications.

In 2024, we will continue to be part of the evolution of our cities.

Find out more in this report.