Portugal Capital Markets Market Dynamics, Q3 2025

Portugal's commercial real estate market demonstrated robust performance in the first three quarters of 2025. Investment volume reached €1.85 billion, with retail assets leading the market with 35%.

Investment was concentrated in retail, hospitality and living/PBSA assets, which collectively accounted for 75% of the total volume. While international investors continue to be highly active, there has been a significant rise in domestic capital.

Investment is set to finish the year strong, driven by favorable macroeconomic conditions, robust operational performance, and continued investor interest.