More than €2.7 billion. This is the figure that is expected to mark the end of real estate investment in Portugal in 2025, representing growth of around 20% compared to 2024 and confirming the resilience and attractiveness of the domestic market, in a context of greater selectivity on the part of investors.
According to Dils forecasts, foreign investment continues to play a decisive role, accounting for more than 65% of the total volume invested, although domestic investors remain active, with particular emphasis on real estate investment funds, which continue to play an important role in market dynamics.
In terms of segments, retail takes the lead, accounting for almost 30% of investment, followed by the office market, which represents more than 20% of the total and records a capital allocation almost three times higher than that observed in 2024, signalling a clear return of interest in this sector.
The hotel sector continues to perform robustly, accounting for nearly 20% of investment, supported by several major transactions and record prices per key. The Industrial & Logistics segment more than doubled the volume invested compared to the previous year, achieving its second-best result in recent years, surpassed only in 2022. It is also worth mentioning the transaction of the Livensa Living Student Residences portfolio, which reflects the maturity of the market in this segment. Yields remain stable, reflecting investor confidence in the Portuguese property market.
"These preliminary results for 2025 confirm the strength and attractiveness of the Portuguese real estate market, which continues to attract consistent national and international investment. The diversity of capital, with a strong presence of international investors and active participation by national players, reinforces the maturity and resilience of the sector," says Pedro Lancastre, CEO of Dils Portugal.
In 2025, the commercial real estate occupancy market showed different behaviours depending on the segment. In offices, take-up in Lisbon is expected to reach around 149,000 sqm, 20% less than in the previous year, while in Porto, the occupied area will fall to approximately 32,000 sqm, about half of that recorded in 2024. Prime rents continue to rise in Lisbon, settling at 30 euros/sqm/month, reflecting a clear flight to quality, while in Porto they remain stable at 21 euros/m²/month.
In the industrial and logistics segment, demand remains dynamic, although the volume of occupied area this year is expected to be around 550,000 sqm, below last year's record, but in line with the figures for 2021 and 2022. The shortage of qualified supply and the gap between the technical and ESG requirements of occupants continue to mark the market, favouring high levels of pre-occupation in new projects and sustaining rent stability, with slight upward pressure.
Retail, on the other hand, shows a high degree of maturity, supported by a stock of quality shopping centres and good operational performance. The continued focus on refurbishment, expansion and tenant mix management has contributed to strengthening the attractiveness of the segment, which is once again capturing the attention of investors.
40 million euros in housing transactions
According to Dils, the residential market continues to show significant dynamism. According to INE data on market performance up to the second quarter of 2025, there was significant growth in prices, the number of homes sold and total sales volume. The trend is likely to remain positive in the second half of the year, with Dils estimating that around €40 billion will be transacted in 2025, a 17% increase on 2024 and the highest figure ever recorded.
In terms of units sold, it is estimated that the market could reach 187,000 homes, corresponding to an increase of 20% compared to the 156,000 units transacted in 2024. This performance is driven by the gap between supply and demand, as well as government incentives for younger people to buy homes.
