Attractive property prices in Portugal, combined with the high liquidity of the market, led foreign funds to invest heavily in Portuguese real estate. According to Nuno Nunes, head of capital markets at CBRE, “real estate funds have a dominant market share in the Portuguese market”, which represents over 85 percent in recent years, cites Jornal de Negócios.

The true amount from funds is not actually known as investments are made by complex companies, making it difficult to understand who was responsible for them (whether they are funds or another investment vehicle).

Even so, market specialists have no doubts that foreigners - whether funds, management companies or other types of companies - dominated real estate operations in Portugal in 2022.

North American investors are at the top of the list, placing a billion euros on the market (about 37 percent of the total). The list of largest investors in the Portuguese real estate market is led by Blackstone, which led the purchase of the Connect portfolio from Novo Banco for 208 million euros and also the Bond portfolio from M7 for 125 million euros.

The biggest transaction ever in the Portuguese real estate market, the purchase of the Crow project for 800 million euros, was sealed by the US fund Davidson Kempner.