Investment in commercial real estate in Portugal totaled 1.8 billion euros by the end of the third quarter of 2025, an increase of 60% compared to the same period of the previous year, reveals Savills’ Market Outlook Q3 2025 report.
In the third quarter alone, 572 million euros were invested, 50% more than in the same quarter of the previous year.
The average value per transaction grew 47% in the first nine months of the year, indicating a greater concentration of capital per operation. Compared to the average of the last three years, the accumulated amount increased by 35%, pointing to a consistent recovery in the market after the adjustment caused by the rise in interest rates.
Pedro Figueiras, Head of Capital Markets from Savills, highlights the solidity of the evolution “marked by the consistent growth in investment levels in all sectors”. He adds that the market continues to attract global investors and that there is an increase in appetite on the part of national investors.
Retail and hospitality concentrated more than half of the investment between January and September, with retail registering year-on-year growth of 99% and hospitality 21%.
Shopping centers raised more than 500 million euros, reinforcing the interest of institutional and private equity in this segment.
In the hotel sector, investment reached 390 million euros, with around 61% of guests being international and the opening of 59 new hotels that added more than 5,600 rooms.
The office segment showed signs of recovery, with investment of 235 million euros (13% of the total). THE prime yield for offices prime rose 25 basis points to 5.00%, reflecting the scarcity of quality assets.
In Lisbon, the take-up in the third quarter it was 47,378 m² (+16% compared to the same period last year), although accumulated absorption until September maintained a 22% drop due to limited supply in central locations. In Porto, the take-up decreased, with around 18,000 m² in the quarter, and the pipeline new space is approaching 60,000 m², the highest annual value in the period analyzed.
In the industrial and logistics sector, accumulated investment was 148 million euros up to September, exceeding the totals for 2023 and 2024. Despite the scarcity of modern facilities, the stock national logistics grew 7% year-on-year. Total absorption fell 30% to around 368,000 m², but accelerated in the third quarter (+65% chain). Pre-lease operations represented 46% of absorption, an increase of 171% compared to 2024.
The report also highlights the stabilization of prime yields in most segments, with compression in assets such as supermarkets and student residences (PBSA), in a context of high demand and limited supply.
In aggregate, Savills points to a market that is regaining dynamism and continues to attract diversified capital, supported by greater liquidity and signs of confidence among occupants.