Real estate investment totals 221 million in the first quarter...
The office segment was the most dynamic, concentrating 70% of the total volume invested in the Portuguese market.
In the first quarter of this year, which coincided with the period of the second confinement due to the pandemic, investment in commercial real estate reached 221 million euros.
This amount more than doubles the 90 million euros transacted in the first confinement of 2020, in the second quarter of the year.
To point out "It’s a remarkable result, considering that the activity has developed again in a scenario of general confinement, which has delayed several ongoing processes".
“It is more than twice the amount traded in the previous confinement, proving that, even with a generalized closing, investors faced this period with greater confidence than before, as well as that the appetite for the Portuguese market remains strong”.
95% of this investment relates to foreign capital. The office segment dominated the business, representing 70% of the total amount invested. Therefore, it is expected that this will be one of the most important asset classes of the year.
On the other hand, retail and hospitality continued to be the most affected asset classes, yet adding up to 15% of the total amount invested. Still to be highlighted the dynamism of supermarkets and hypermarkets as an investment product.
Throughout the quarter, prime yields remained stable compared to the end of last year, albeit at historic lows in the office segment (4%), high street retail (4.5%) and logistics (5.75%) .
Liquidity remains high in the market, and investors continue to show an appetite for the Portuguese market. There is a "considerable number" of mandates, and even in the context of more complex transactions, due to the current conjuncture, predictions that 2021 will be quite positive with regard to the volume of investment.
Housing Sales in Portugal up 57% Between Lockdowns...
The average sales price of residential property in Portugal in the first quarter of 2021 reached €1,715/m2.
Approximately 49,600 homes were sold in mainland Portugal in the first three months of 2021, according to projections made by Confidencial Imobiliário, based on information reported by real estate agents to the SIR (Sistema de Informação Residencial).
In this period, which coincides with the second general lockdown, the volume of transactions was 57% above the approximately 31,600 homes sold during the first confinement in the second quarter of 2020. Volume was also up compared to the last quarter of 2020, increasing by 5% compared to the 47,200 homes sold during that period.
The data shows across the board increases in every region of Portugal, with q-o-q growth of 6% in the Metropolitan Areas of Lisbon and Porto and the Algarve. Compared to the previous confinement period, sales increased by 47% in the Lisbon Metropolitan Area by 46% in the Porto Metropolitan Area and 76% in the Algarve. In the first quarter of 2021, an estimated 17,150 homes will have been sold in the Lisbon Metropolitan Area, versus 8,120 in Porto and 3,900 in the Algarve.
In the first quarter of 2021, the average sales price of houses in Portugal rose to €1,715/m2, reaching €2,232/m2 in the Lisbon Metropolitan Area, €1,601/m2 in the Porto Metropolitan Area and €1,836/m2 in the Algarve. In the Portuguese capital, sales reached an average price of €3,656/m2 and €2,318/m2 in Porto.
Sources: Confidencial Imobiliário / LUSA / INE
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