Real estate investment registers growth of 529 million in the third quarter...
In turn, and looking at the first nine months of this year, 2.2 billion euros were traded, a sum only exceeded in the last decade by the record years of 2018 and 2019, both above the three billion euros.
Real estate investment in Portugal grew by 529 million euros in the third quarter, exceeding almost seven times the amount recorded in the previous quarter, from 90 million to 619 million euros.
Still in the residential sector and despite sales declining by 11% compared to last year due to the coronavirus pandemic, in the third quarter there was a greater balance between national and international demand, with Portuguese investors compensating for the falls of business by foreigners, limited by the absence of travel.
Looking at prices, in September there was the first monthly drop during the pandemic, although housing continues to increase by 8% compared to 2019.
Premium housing in Lisbon, on Avenida da Liberdade, presented itself as the most valued axis, at 10,500 euros / m2, followed by Chiado, at 9,000 euros / m2, and the historic area, at 7,500 euros / m2. In the remaining areas of the city, the values vary between 5,000 euros / m2 and 6,500 euros / m2, especially the Cascais / Estoril axis, between 8,000 euros / m2 and 10,000 euros / m2.
As far as office space is concerned, the pandemic has been slowing down the demand for space, with the take-up accumulated in the year to be 30% below the same period, reaching 102,041 m2. In the third quarter, occupational activity resulted in 18 thousand \ m2 occupied.
In the year as a whole, it is estimated that five new office buildings in Lisbon will be completed for a total of 20 thousand \ m2, while the pipeline under construction amounts to approximately 186 thousand \ m2. The market's prime rent is set at 25 euros / m2.