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In this study we analyse the results of the various segments of the real estate market in Portugal for 2019, with yet another objective of presenting the main trends and perspectives for 2020, especially in the areas of the economy, offices, industry, investment, retail, tourism, hospitality, development and residential.
2019 was another successful year in all sectors, surpassing the forecasts that had been outlined. Portugal was once again the chosen country for several sectors. Facing some degree of uncertainty in the European economic and political landscape, the real estate investment market had another year of excellent results, remaining very dynamic and resilient.
Another area that saw new records was the national tourism market, which again increased its expression throughout 2019, with around 16 million foreign tourists received in Portugal. The consumption trends of the new generations and the new lifestyles of the population now force operators to be in constant processes of evaluation and adjustment of strategic guidelines.
For the office sector, 2019 saw a 6% decrease in the volume of absorption compared to the previous year, closing the year with 193,892 sq.m of occupied spaces. Although the market was below the 200,000 sq.m mark, it is an excellent result. For 2020, and with a very active current demand, above 150,000 sq.m, the entry of new projects in the market is urgent and the time-to-market is short.
The residential segment will continue to corner the market and attract new investments, although a stabilization of selling prices is expected.
2019 was marked by the typical stability of a mature market, so 2020 will maintain the path of price consolidation and demand in the residential market. The strong bet on coliving projects is expected, a segment with very low expression in the Lisbon market, but which will gain dimension.
Note: The data presented in these studies include an analysis carried out previously to the context of the Covid-19 global pandemic.