Real estate shines as 2015 named “historic year”
Portugal’s real estate sector appears to be thriving and celebrated a “historic year” in 2015.
So says law firm PLMJ, which reported on the unprecedented “€2 billion” invested in Portugal’s real estate last year, “mostly by international investors”.
And specialists believe 2016 could “match or even surpass” last year’s results.
There is “some apprehension”, however, due to the “uncertainty of how the current economic situation will evolve, especially the possible need for extraordinary measures to balance public finances, which has the potential to negatively affect investor’s confidence.”
However, in its report, PLMJ says it believes that “Portuguese and foreign investors have regained their confidence in the Portuguese market as demonstrated by the interest shown at the main international real estate and tourism fairs”.
It also highlighted the “hefty investments made by funds and other institutional investors, in particular those coming from the United States, Spain, Germany and Brazil.”
US investment group Blackwell, for example, took over several retail parks in Portugal, including in Portimão, Sintra, Viana do Castelo, Santarém and Aveiro.
PLMJ also outlined some real estate trends that it believes will continue into 2016, such as a focus on “urban rehabilitation, tourism and local accommodation and Portugal’s ‘Golden Visa’ scheme”.