Investment in commercial property in Portugal is believed to have reached €715 million in 2014 – an increase of 130% on results for the year before. The news was reported by property consultants JLL in their latest edition of Market Pulse, published on Tuesday. According to preliminary data for 2014 – which excludes the home-buying sector – the estimated volume of investment sees Portugal returning to levels registered in 2008 and 2010.
As Pedro Lancastre, JLL Portugal’s director general, commented: “The volume of investment during 2014 confirms that the national property market is picking up.”
He said the business was “almost totally” powered by foreign investors, which means that Portugal is fully projected on the international scene.
Lancastre added that the “Chinese are among the most dynamic in the purchasing of well-sited office buildings”, even if some of the properties are in need of work.