The CEO of property consultants Jones Lang LaSalle (JLL) Portugal says that there are still “plenty of opportunities” for foreign investors in the commercial property market in Portugal.
“Portugal is an undeniably important investment destination on the European and world stage and a lot of overseas investment will be attracted here,” Pedro Lancastre told journalists at a presentation of the company’s Market 360º study into its business activities in 2018.
The property expert adds that for 2019 “all the conditions are ripe” in the market for it to be another bumper year, although it will be “hard to beat the record year” the Portuguese property market enjoyed in 2018.
Hard not only because of the record turnover JLL attained in 2018, but also because there are a number of challenges facing Portugal and the world including the inevitable question of Brexit and the elections in Portugal which could “delay decisions to invest”.
The other challenge for the Portuguese commercial property market was finding “sufficient suitable supply to meet demand”.
Pedro Lancastre says that the trend for refurbishment will continue while, at the same time, there are excellent opportunities for new-build with a whole raft of possibilities emerging from new lifestyle, working and investment trends.
“The property market will have an increasingly important role in the lives of people, companies and investors given that habits are changing. Student accommodation, co-working, and co-living is something we’re going to be hearing a lot more about in Portugal,” he concludes.
More business and property news at www.essential-business.pt
Photo: Pedro Lancastre, CEO, Jones Lang LaSalle (JLL) Portugal