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Portugal among the most sought-after destinations for real estate investment in 2024

Global real estate investment is expected to increase in 2024, reaching a peak in the third quarter, anticipates Savills World Research, which points to Portugal as “one of the most sought-after destinations due to its tourism potential”.

“Savills researchers predict a more positive real estate investment environment in 2024, with 57% on average expecting a moderate to strong increase in investment activity in the coming year, although this figure rises to 70% of respondents for multifamily residential properties [multifamiliares] and to 66% in terms of industrial and logistics real estate,” said the international real estate consultancy in a statement released this Thursday.

Thus, Savills expects “investment activity to pick up in the third quarter of 2024, with the recovery being driven by a number of key markets, including the US and UK”.

The real estate consultant is “more optimistic about activity in global residential markets, particularly in the sector multifamily, where demand outstrips supply in many areas, and in the logistics sector, driven by its strong fundamentals”: 90% of researchers from Savills forecast increases in the value of leases in the segment multifamily and 81% expect increases in the overall residential market.

In the logistics segment, 92% of respondents expect rental values to rise or remain stable, in a context of resilient consumer demand and an expanding production base after the Covid-19 pandemic.

For the office and retail , most of the researchers from Savills anticipate “stable or rising rental values in the housing market prime“, whether it’s prestigious office space in city centres (73% predict an increase in values) or quality retail outlets with a strong influx of domestic visitors or tourists (81%).

In the secondary office market, 70% of respondents expect values to remain stable or fall next year, and “any rent increases will likely depend on the upgrade of these properties”.

Quoted in the statement, the director of Savills World Research, Eri Mitsostergiou, says that “2024 is expected to be a much better year for real estate investors globally, with a sustained recovery expected as growth rates yields become more attractive, the rents prime and the revaluation of prices begins to realign the expectations of buyers and sellers in markets where this has not yet happened.”

In turn, the head of research at Savills Portugal, Alexandra Portugal Gomes, says that, “for 2024, the projections are slightly more optimistic, still with a very careful risk analysis by investors”.

“We will certainly continue to see greater diversification of portfolios as a strategy adopted by investors, directing their investment to alternative segments such as residential, senior living, healthcare and student housing. In addition, ESG criteria and decarbonisation will also take on a major prominence, as investors become more aware of environmental, social and governance aspects, they will look for assets that offer a high financial return and are aligned with their values,” he adds.

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