A total of 36 transactions were completed during the first half of 2025, in line with the number of deals closed in the same period of 2024. Despite continued investor caution and a global landscape still marked by uncertainty, it is estimated that the market will close 2025 with investment volumes higher than those recorded in 2024.

In a sectoral analysis, retail was the leading segment in terms of investment volume during the first half of 2025, totaling 616 million euros. The renewed interest from investors in this sector is largely based on the recovery of footfall and sales volumes in shopping centers, along with sustained consumer demand, driven by record-breaking tourism flows.

The hospitality sector also stood out, with a total investment volume of 330 million euros in the first half of 2025, representing a 16% increase compared to the previous year. The sector remains one of the main drivers of the Portuguese commercial investment market and is expected to maintain its momentum. With a strong project pipeline, particularly in Lisbon and Porto, investor focus remains on repositioning and refurbishing existing assets, reflecting a strategic shift toward value creation.

At the end of the first six months of 2025, the office market in Portugal recorded an investment volume of 134 million euros, reflecting an 11% increase compared to the same period in 2024. This amount represents 11% of the total investment volume market share in the first half of the year, indicating moderate growth, albeit constrained by the limited availability of core assets. Although the return to physical office spaces is already the preferred model for many companies, the growing adoption of hybrid work models that include remote work has reshaped the fundamentals of this market. Additionally, the sector continues to face a clear mismatch between buyer and seller expectations, which has impacted the pace of transactions and increased investor selectivity.

Despite these constraints, ongoing demand and the strong presence of international businesses highlight the underlying resilience and solidity of the office market in Portugal.

Logistics, with 111 million euros, captured 9% of the market share by the end of the first half of 2025, with transaction volumes remaining relatively contained compared to the dynamics of the occupier market. Seven deals were closed during the period, four of which involved the acquisition of logistics platforms by international capital, with an average value of 21.7 million euros.

In terms of the origin of the invested capital, the first quarter was marked by a predominance of capital from national investment funds and institutional investors. In the second quarter, cross-border investment regained the lead, accounting for around 85% of the market share, with notable volumes from France, Spain and the United Kingdom.

During the first half of 2025, real estate investment and asset management funds and companies remained among the most active investor categories in the market, directing their capital towards hospitality properties, office buildings, shopping centers and logistics assets, indicating a strategic decision to invest in sectors with strong operational performance and growing demand.

Pedro Figueiras, Head of Capital Markets at Savills Portugal, comments: "The first half of 2025 was very positive for the commercial real estate investment market in Portugal, showing significant growth compared to the same period last year. The retail and hospitality sectors remain particularly dynamic, reflecting strong expansion potential supported by the solid market fundamentals that characterize the Portuguese market. Although the global context continues to require a more cautious approach and prolongs decision-making processes, the investment growth trajectory is expected to continue throughout the year."