Transactions in the Portuguese real estate market totaled €221 million ($268 million) at the end of the first quarter of this year, with international investors accounting for the majority of deals in an economy that is showing signs of a post-lockdown recovery, according to Savills.
Investment, which exceeded the €90 million ($109 million) registered during the second quarter of 2020, was dominated by office purchases. Offices accounted for the majority of the nine transactions in the market and included a Singaporean fund’s €120 million ($146 million) investment in the seven-asset Navigator portfolio.
“Now that the debate on distance working has calmed down and more hybrid work practices are being accepted, most companies expect their employees to return to the office for at least some days during the week,” said Patricia Melo e Liz, CEO, Savills Portugal.
Confidence in the prime office market, where yields have remained at 4 percent, has been buoy
