Real estate investment in Portugal reached €1.42 billion during the first half of 2026, representing an 11% year-on-year increase, according to JLL's latest Market Dynamics report. Activity was particularly strong in the first quarter, when transactions totalled €930 million, compared with €490 million in the second quarter.
The hotel and retail sectors dominated investment activity, accounting for 43% and 32% of total volumes respectively. Together, the two asset classes represented almost three quarters of all capital deployed during the period.
In hospitality, major transactions included the sale of the Ritz-Carlton Penha Longa Resort and the acquisition of the Corinthia Lisbon hotel for around €150 million. Retail investment was supported by the sale of a shopping centre portfolio, several retail park transactions and the disposal of Aqua Portimão.
Logistics attracted 13% of total investment, driven largely by the sale of a logistics portfolio valued at around €90 million, while offices represented just 6% of the market. The remaining 7% was allocated across other sectors, including residential and healthcare.
According to JLL, Portugal continues to attract strong international capital while domestic investors are playing an increasingly significant role. Foreign investors accounted for 65% of transaction volumes in the first half, with Portuguese investors representing the remaining 35%.
The consultancy also noted that Portugal remains among the 10 most attractive European markets for real estate investment in 2026, according to the latest INREV investor survey.
Occupier markets delivered mixed results during the period. Office take-up reached 66,900 square metres in Lisbon and 15,850 square metres in Porto, while the national logistic market recorded 199,100 square metres of take-up. Despite more moderate leasing activity, JLL expects a gradual recovery during the second half of the year, supported by limited supply of modern, high-quality space and continued rental growth.
Looking ahead, the consultancy expects investment activity to remain supported by solid market fundamentals, diversified demand and growing investor interest in alternative sectors such as data centres. It also anticipates improving occupier activity in both the office and logistics markets as economic conditions stabilise, while the structural imbalance between housing supply and demand is expected to continue supporting residential values.
