Of that total investment, the biggest contribution (€31 billion) came from residential real estate, according to data from JLL which estimates that the number of house transactions has exceeded 168,000.

On the commercial real estate side, JLL confirms the completion of operations worth €3 billion in 2022, which translates into a 66% growth compared to 2021.

To these values must be added around 350 million euros in asset transactions for real estate development, including land and buildings for new construction or rehabilitation.

Cited in the statement, the executive chairman (CEO) of JLL Portugal, Pedro Lancastre, underlines the results achieved, noting that 2022 started with the sector anticipating that it would be a year of recovery, having then been faced with a change with the beginning of the war in Ukraine, the rise of inflation to the maximum levels of the last 30 years and the worsening of interest rates.

Despite these “new realities” that “obviously have impacts, including a reduction in the purchasing power of families and companies and an increase in financing costs”, Pedro Lancastre underlines that Portuguese real estate “has had a surprising performance again in a context adverse”.