Portugal is in a unique position in this new paradigm. We have never had, as now, such a favourable combination of competitive renewable energy, regulatory maturity, and technical capacity. This reality is already profoundly changing the way investors, developers, and asset managers value real estate projects.

Energy is no longer just an operating cost. It has become a direct component of valuation. An efficient building, with its own energy production, with low dependence on the grid and aligned with ESG criteria, today has lower financial risk, greater liquidity, and greater attractiveness to institutional capital.

In recent months, I have observed this phenomenon very clearly in different segments of the market. In data centres, the investment decision begins with the analysis of access to stable, cheap, and scalable green energy. In logistics, large operators favour carbon-neutral platforms and long-term energy contracts. In residential, buyers and tenants are increasingly aware of thermal efficiency, consumption, and energy costs. In industry, projects only move forward if they guarantee energy competitiveness for 20 or 30 years.

This transformation is redesigning investment maps. Locations that were once secondary are gaining prominence by offering better access to electricity grids, renewable production capacity, space for infrastructure and a favourable environmental environment. The interior of the country, often forgotten, is beginning to emerge as a strategic territory for industrial, technological, and logistical projects that rely heavily on clean energy.

Sustainability is also no longer just a regulatory requirement or a reputational flag. It is now a risk management tool. An asset not aligned with the energy transition faces higher financing costs, lower market interest, and an accelerated risk of obsolescence.

Portugal has a rare opportunity to align its energy strategy with its real estate development. The articulation between renewable energy, urban planning and private investment can create a unique historical situation of economic growth, capital attraction and territorial enhancement.

Real estate thus becomes a central piece of the energy transition. Every new project is an economic, environmental, and social decision. Investors who understand this change early will be the ones who lead the next market cycle.

The future of real estate is no longer built only on concrete and location. It is built in kilowatts, efficiency, resilience, and strategic vision.