This drop is due to greater caution on the part of the market, given the level of inflation, rising interest rates and economic and geopolitical instability. The amount was 14% short of real estate investment calculated in the first three months of 2019, "which demonstrates that commercial real estate in Portugal continues to be a very attractive market for national and international investors".

Of the total invested, 67% was allocated to retail assets (153 million euros), 14% to the logistics sector (33 million euros), 16% to office assets (38 million euros) and 3% to healthcare (six million euros). More than half (56%) of transactions were carried out in Lisbon and 83% of commercial investment originated abroad, with emphasis on the USA.

“Despite the volume of investment in the first quarter showing a reduction when compared to the previous year, the Portuguese real estate market has fundamentals that remain strong and that make us a country with the capacity to continue to attract foreign investment. In general, the sectors are dynamic and specifically in logistics we know that there is a latent demand for the product, only blocked by the lack of 'stock'”, said the head of capital markets of CBRE Portugal, Nuno Nunes.

He also underlined that the hotel sector has felt a “very strong occupational dynamic”, which motivates investments. Even so, he noted that there is a visible gap between the seller's expectations and the prices that buyers are willing to pay.

“Although there is some uncertainty, we remain optimistic and believe that this adjustment will happen naturally and that interesting transactions will continue for both parties”, he concluded.

The CBRE group, headquartered in Dallas, has 115,000 employees and customers in more than 100 countries.