At the start of the last quarter of the year, the Portuguese property market remains on solid ground, demonstrating dynamism and resilience, even in a challenging international context.
According to Worx's projections, presented in the Outlook Q3 2025 | Lisbon Office Market and CRE Investment Market reports, the total investment volume is expected to be between €2.2 and €2.5 billion by the end of 2025, and may even exceed the result achieved in 2024.
By September, Portugal had attracted €1.855 billion in commercial real estate investment, representing a 72% increase over the same period last year. Retail led the investment volume with €671 million (36% of the total), followed by the hotel sector, with nine transactions totalling €396 million (21% of the total).
In the Lisbon office market, take-up reached 131,200 sqm by September, representing a 22% reduction compared to the same period in 2024. The CBD (zone 2) stood out as the area with the highest demand, accounting for 40% of total take-up, followed by Parque das Nações (zone 5), with 22%.
Worx anticipates that 2025 may close with a volume between 180,000 and 200,000 sqm, maintaining the trend of prime rents reaching successive historical highs, especially in the Prime CBD (zone 1) and the Historic Zone (zone 4).
Worx believes that the Portuguese market continues to assert itself as a solid and attractive destination for real estate investment, supported by stable economic fundamentals, strong interest from international investors and the growing sophistication of the national product.
