This performance reflects the sector's recovery after a challenging 2023 and reinforces investors' confidence in the competitiveness of the national market, according to the consultancy. Foreign capital accounted for 81% of total investment, with emphasis on France, Spain and South Africa.

The retail segment was the main driver of this growth, totalling 1,166 million euros, which represents an increase of 104% compared to the previous year. Shopping malls led the segment, with 20% of total investment, driven by the recovery of consumption and repositioning strategies. Supermarkets followed closely behind, contributing 19% of the volume invested, marked by significant portfolio acquisitions.

In the ‘hospitality’ sector, although there was a 15% reduction in investment compared to 2023, this segment remained strategic, with a 20% market share. The importance of Portugal as a tourist destination continues to attract capital for projects in this sector, highlights Savills.

Another highlight was the office segment, which registered growth of 94% in 2024, reaching R$310 million. This increase reflects the resumption of in-person work and the renewed role of offices as spaces for collaboration and promotion of organisational culture.

The industrial and logistics sectors maintained solid growth of 83%, although volumes are still lower than other asset classes. The development of new projects and the growing interest in modern and efficient spaces predict a significant increase in investment in this segment in 2025.

Continued growth

With a positive trajectory, the national real estate market should continue to grow in 2025, with Lisbon and Porto leading as the main investment destinations. However, peripheral and emerging areas, such as the Algarve and the North Zone, are also beginning to attract greater attention due to tourism and competitive costs.

Paulo Silva, head of Savills in Portugal, highlights that investors are increasingly paying attention to modern and sustainable assets, in line with ESG trends. This demand, combined with portfolio diversification, should consolidate the dynamism of the Portuguese market next year.

"The real estate investment market in Portugal showed signs of great dynamism throughout 2024, with particular emphasis on the last quarter, which leaves us with encouraging signs for 2025, which we anticipate will also be a very positive year. We believe that sectors in great growth such as Living and Hospitality will continue to attract large volumes of investment, like other more traditional segments, such as offices and logistics”.