The national property investment fund market continues to accelerate in 2025. In April, the number of active vehicles grew by 19% compared to the same month last year, while the amount under management increased by 21% to over 17,852 million euros. In all, 321 funds were active, already surpassing the record size reached at the end of 2024 and sustaining year-on-year growth rates of around 20 per cent.
These conclusions are contained in the annual study "Real Estate Alternative Investment Schemes - Portrait of the Current Situation in Portugal", released this Tuesday by N2AM - Sociedade Gestora de Organismos de Investimento Coletivo (SGOIC), which analyses the evolution and maturity of the sector in Portugal.
Another indicator of the industry's dynamics is the number of active management companies, totalling 67 entities in April. Over the last ten years, the number of management entities for this type of vehicle has not varied significantly, standing at between 50 and 60 operators, with growth to close to 70 active entities in 2024 and 2025.
According to the Portuguese company specialising in the management of real estate investment funds, the current year thus continues the trend of expansion of the national real estate investment fund market, which has been growing since 2022. This was the year that reversed the stabilisation cycle observed since the post-troika period. Between 2016 and 2021, the industry remained stable, with around 200 active funds and 10.5 billion euros under management. In 2022, there was moderate growth, but within the previously observed figures. It wasn't until 2023 that the market reached a new historic mark, with 268 active funds and 14,518 million euros under management, following growth of 21 per cent in the number of funds and 19 per cent in the amount under management.
In 2024, the industry expanded once again, with growth rates of 16 per cent in the number of registered funds and 19 per cent in the overall amount under management, surpassing the unprecedented mark of 300 funds (311) and 17,000 million euros under management (17,262 million).
"The real estate investment fund industry has shown a great capacity for recovery in recent years, after a period of stagnation in the context of the financial crisis and the pandemic, which naturally put a brake on real estate investment activity," comments Nuno Marques, co-founder and director of N2AM.
He adds that "we've been growing since 2022 and 2025 shows that this trajectory will continue, with the very positive prospect of continuing to have enormous potential for expansion, especially at this time in the market, when more supply needs to be created and funds can be an important driving force in the development of housing projects. Currently, the overwhelming majority of funds' real estate portfolios continue to refer to completed properties and, of these, housing remains residual. This means that construction and property development projects still have plenty of room to grow in fund portfolios, especially rental housing."
Although the portfolio of income properties (completed) represents 76% of the real estate assets held by the funds, 2024 confirmed the focus on investment in property development, which includes construction projects and land.
After a 46 per cent increase in the amount invested in this type of asset in 2023, which led the segment to account for 26 per cent of the total value of real estate, 2024 saw further growth of 15 per cent, with this typology thus maintaining a 24 per cent share of managed real estate. Among the completed properties, 43% correspond to service assets, 32% to commercial space and 6% to housing. Other segments represented are industrial, with 4%, and logistics, with 2%.