Foreign Capital Flows into Portugal's Commercial Real Estate Market

Investment in commercial real estate in Portugal reached €1,410 million during the first half of 2026, representing a 14% increase compared to the same period last year. This investment was spread across 52 transactions, with approximately 70% of the capital being foreign. The investment distribution showed that hotels accounted for 38% of the total volume, followed by retail at 30%, alternative assets at 17%, and industrial and logistics properties at 11%, while offices made up only 4%.

The flows indicate strong international interest in the Portuguese property market. However, reports suggest that while interest is present, certain segments face supply limitations. Specifically, the market is noted to have a scarcity of tradable products in offices and a structural lack of high-quality supply in logistics.