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Property upwards path will continue, but at a slower pace

After a record breaking year, it is not easy to anticipate the following year. The first months of 2019 already show a slight slowdown, both in office occupation and property investment. Colliers International, in the most recent report, tells you what happened, but, especially, what you can wait from 2019.

In 2018, Portugal’s property investment reached a new high, Porto’s office take-up broke the previous record and Lisbon’s office take-up recorded the highest absorption in the past 10 years. Up to this date, property investment is close to 400 million euros, slightly slowing down from last year, albeit with some important deals still not closed. “It is not likely that Portugal can, consistently, keep investment close to 4 billion euros. However, it is possible, under a stable economic, financial and political outlook, to reach above the 2 billion euros, the investment threshold” says Gustavo Castro, Colliers International head of Research, in Portugal. “International investors continue to consider Portugal in their decision making, especially investors with portfolios below 500 million euros” continues Gustavo Castro.

In the office market, the lack of modern supply is old news. In 2019, 100.000 m² of new office space will enter the markets of Lisbon and Porto, “but both cities momentum is highlighted by the fact that more than 60% of that stock is already pre-let or owner occupied” informs Vasco Carvalho, consultant at Colliers International.