葡萄牙房地产市场调研和分析报告（英文版）-2024年1月上传培训课件

INDUSTRIES

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MARKETSRealestatemarketinPortugalCHAPTER

01OverviewHousepriceindex(HPI)inPortugalfrom1stquarter2020to2ndquarter2023,bycategoryHousepriceindexinPortugalQ12020-Q22023,bycategoryExistingdwellingsNewdwellings250200150100500Q12020

Q22020

Q32020

Q42020

Q12021

Q22021

Q32021

Q42021

Q12022

Q22022

Q32022

Q42022

Q12023

Q220234Description:Duringtheconsideredperiod,thehousepriceindex(HPI)inPortugalincreasedpermanentlybothforexistingandnewdwellings,withtheyear2015equaling100.HPIfornewdwellingsreacheditshighestvalueinthesecondquarterof2023atalmost217.TheHPIfornewdwellingswaslower,butitalsoregistereditshighestfigureinthesamequarterat172.ReadmoreNote(s):Portugal;Q12020toQ22023Source(s):StatisticsPortugalCommercialpropertypriceindexinPortugalfrom2009to2022CommercialpropertypriceindexinPortugal2009-2022135130125128.4123.1712011511010510095117.16113.94112.33110.52110.05105.52105.38101.9810096.43201296.59201493.1520139085200920102011201520162017201820192020202120225Description:Duringtheconsideredperiod,thecommercialpropertypriceindexinPortugalreacheditslowestvaluein2013at93.15.Fromthenon,thisindexcontinuouslyrose,reaching128.4in2022.Thisvaluewasthehighestduringtheperiodconsidered,withthebaseyear2015equaling100.ReadmoreNote(s):Portugal;2009to2022Source(s):StatisticsPortugalValueofconstructionworkbyhousingcorporationsinPortugal2021,bytype(inmillioneuros)ValueofconstructionworkbyhousingcorporationsinPortugal2021,bytypeValueinmillioneuros05001,0001,5002,0002,500ResidentialbuildingswithtwoormoredwellingsOthernon-residentialbuildings2,072.31,726.56Health,socialaction,recreational,educational,andbuildingsforculturalpurposesResidentialbuildingsforcollectiveaccommodationIndustrialandstoragebuildings713.31702.98687.28677.46642.47ResidentialbuildingswithonedwellingBuildingsfromthehospitality,catering,anddrinkingsectorsBuildingsofwholesaleandretailtrade573.06Buildingsbelongingtoadministrations,financialinstitutions,postoffices,andsimilarservices253.83Buildingsandfacilitiesfortransportsandcommunication45.716Description:InPortugal,in2021,non-residentialbuildingswereresponsibleforthehighestvalueofconstructionworkbyhousingcorporations,namely4.6billioneuros.Health,socialaction,recreational,educational,andbuildingsforculturalpurposesagglomeratedmorethan713millioneuros.ReadmoreNote(s):Portugal;2021;Housingcorporationswith20ormorepersonsemployed.Source(s):StatisticsPortugalNumberofcompletedbuildingsinnewconstructionsinPortugalin2022,byregionandpurposeCompletedbuildingsinnewconstructionsinPortugal2022,byregionandpurposeHousingIndustryAgricultureandfisheryTourismOtherservicesOtherpurposes5,0004,5004,0003,5003,0002,5002,0001,5001,0005000NorthRegionCentralRegionLisbonMetropolitanAreaMadeiraAlentejoAzoresAlgarve7Description:InPortugal,therewereover9.5thousandcompletedhousingbuildingsinnewconstructionsin2022.Almost3.6thousandofthemwereinNorthernPortugal.Thisregionregisteredthehighestvaluesofnewconstructionsforalldestinations,exceptforbuildingsthatservedotherpurposes,whichweremorenumerousinCentralPortugal.TheAlgarveandtheAzoresregisteredthelowestnumberofcompletedbuildingsin2022.

ReadmoreNote(s):Portugal;2022Source(s):StatisticsPortugalDistributionofcompletedbuildingsinPortugalfrom2017to2022,bytypeCompletedbuildingsinPortugal2017-2022,bytypeMainlyresidentialconstructionwithonedwellingMainlynon-residentialconstructionMainlyresidentialconstructionwithtwoormoredwellingsOther100%90%80%70%60%50%40%30%20%10%0%2017201820192020202120228Description:Theproportionofone-dwellingresidentialconstructioninPortugalhasgrownsince2017,registeringashareof62percentin2022.Thisbuildingtypewasthemostrelevantduringtheperiodconsidered,followedbymostlynon-residentialconstructionwhoserelativeimportancehasdecreasedsince2017.In2022,thisconstructiontyperegistereditslowestshare,atapproximately27percent.

ReadmoreNote(s):Portugal;2017to2022Source(s):StatisticsPortugalMostmentionedpositiveandnegativeaspectsofthehousingprogramMaisHabitaçãoinPortugalin2023MostmentionedaspectsofthehousingprogramMaisHabitaçãoinPortugal2023Shareofrespondents0%10%20%30%40%50%60%70%Positive:SimplificationoflicensingPositive:ReductionofthespecialIRSrateonrentsfrom28%to25%Positive:ExemptionfromcapitalgainsonthesaleofrealestatetopayoffaloanNegative:Forcedrentalofvacanthouses41.5%34%29.8%58.5%Negative:Limitationsonrentincreasesfornewcontracts34%Negative:Suspensionofnewlocalaccommodationlicenses33%9Description:In2023,41.5percentofrespondentsinPortugalconsideredthesimplificationoflicensingproposedbythegovernmenthousingprogramMaisHabitaçãoapositivemeasure.Theexemptionfromcapitalgainsonthesaleofrealestatetopayoffaloanwasperceivedasapositivemeasureby30percentofrespondents.Contrarily,theforcedrentalofvacanthouseswasvotedasanegativeprocedurebyaroundsixoutoftenofrespondents,whilethesuspensionofnewlocalaccommodation[...]

ReadmoreNote(s):Portugal;August28toSeptember1,2023;1,094respondents;ActiverealestateownersandbuyersSource(s):Imovendo;JornaldeNegóciosPublicopinionontheimpactofhousingpricesandinterestratesinPortugalin2023OpiniononhousingpricesandinterestratesinPortugal2023Shareofrespondents0%

10%20%30%40%50%60%70%80%75%IamnegativelyaffectedbytherisinghousepricesIamnotfinanciallyabletobuyorrestoreahouseIamconcernedwithrisinginterestratesandtheirimpactonfamilybudgetIampreventedfrombuyingahouseduetorisinginterestrates64%54.7%23.4%Icouldbuyahouse,butIchoosenottoduetothenationaleconomicandfinancialsituationandtheinstabilityoftherealestatemarket14.8%TherisinghousepricesmotivatemetosellmypropertyIbenefitfromtherisinghouseprices12.5%10.2%10Description:In2023,threequartersofrespondentsinPortugalreportedbeingnegativelyimpactedbytherisinghouseprices,while10percentclaimedtobenefitfromthem.Therisinginterestratesworried55percentofinterviewees,preventingalmost24percentofthemfrombuyingahouse.Furthermoremorethan60percentofrespondentsstatedthattheywerenotfinanciallyabletobuyorrestoreahouse.ReadmoreNote(s):Portugal;2023;1,280respondents;activerealestateownersandbuyersSource(s):Imovendo;SapoCHAPTER

02ResidentialrealestateMedianvalueofbankappraisalsonhousinginPortugalfromJanuary2022toAugust2023,byregion(ineurospersquaremeter)MedianvalueofbankappraisalsonhousinginPortugalmonthly2022-2023,byregionPortugalNorthRegionCentralRegionLisbonMetropolitanAreaAlentejoAlgarveAzoresMadeira2,3002,1001,9001,7001,5001,3001,100900700500JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJunJulAug2022

2022

2022

2022

2022

2022

2022

2022

2022

2022

2022

2022

2023

2023

2023

2023

2023

2023

2023

202312Description:InPortugal,themedianvalueofbankappraisalswasover1.5thousandeurospersquaremeterinAugust2023.Therewasa13-euroincreasecomparedtothepreviousmonth.TheAlgarvepresentedthehighestpricepersquaremeter,namely2164euros,followedbytheLisbonregion,at2,054euros.Comparedtothesamemonthofthepreviousyear,Madeiraregisteredthehighestincrease.

ReadmoreNote(s):Portugal;January2022toAugust2023Source(s):StatisticsPortugalAveragepriceofhousingforrentinPortugalinAugust2023,byregion(ineurospersquaremeterpermonth)AveragerentalhousingpriceinPortugalAugust2023,byregionRentineurospersquaremeterpermonth10024681214161820LisbonMetropolitanAreaPortugal18.315.4Algarve13.5Madeira13.313.2NorthRegionAlentejo9.5CentralRegionAzores8.88.513Description:InPortugal,theaveragepricepersquaremeterofhousingforrentwas15.4eurosinAugust2023.TheLisbonregionregisteredthehighestvalueatover18eurospermonth.TheAlgarve,wherethesquaremetercost13.5eurosonaverage,followed.TheAzoresrecordedthecheapestrentalsquaremeterpriceat8.5euros.ReadmoreNote(s):Portugal;August2023Source(s):IdealistaNumberofdwellingtransactionsinPortugalfrom1stquarter2019to2ndquarter2023NumberofdwellingtransactionsinPortugalQ12019-Q2202350,00045,88545,00043,44743,544

43,60742,22341,67641,73639,55439,13940,00035,00030,00025,00020,00038,52636,95436,68136,39935,59634,61434,49333,62426,379Q12019Q2

2019Q3

2019Q4

2019Q1

2020Q2

2020Q3

2020Q4

2020Q1

2021Q2

2021Q3

2021Q4

2021Q1

2022Q2

2022Q3

2022Q4

2022Q1

2023Q2

202314Description:Overtheobservedperiod,thenumberofhousingtransactionsinPortugalfluctuated.Thelowestvaluewasrecordedinthesecondquarterof2020atover26thousand.Inthefirstquarterof2023,nearly35thousandhousingmarkettransactionswererecorded.ReadmoreNote(s):Portugal;Q12019toQ22023Source(s):StatisticsPortugalNumberofdwellingtransactionsinPortugalfrom1stquarter2019to2ndquarter2023,byregionNumberofdwellingtransactionsinPortugal2023,byregionNorthRegionCentralRegionLisbonAlentejoAlgarveAzoresMadeira50,00045,00040,00035,00030,00025,00020,00015,00010,0005,0000Q12019Q2

2019Q3

2019Q4

2019Q1

2020Q2

2020Q3

2020Q4

2020Q1

2021Q2

2021Q3

2021Q4

2021Q1

2022Q2

2022Q3

2022Q4

2022Q1

2023Q2

202315Description:InPortugal,duringthesecondquarterof2023,thetotalnumberofdwellingtransactionsdecreasedfromalmost10thousand,registeredinthepreviousquarter,to9.6thousand.TheregionsrecordingthehighestnumberofdwellingtransactionsovertheobservedperiodwereLisbon,NorthernPortugal,andCentralPortugal.ReadmoreNote(s):Portugal;Q12019toQ22023Source(s):StatisticsPortugalValueofdwellingtransactionsinPortugalfrom1stquarter2019to2ndquarter2023(in1,000euros)ValueofdwellingtransactionsinPortugalQ12019-Q220239,500,0008,500,0007,500,0006,500,0005,500,0004,500,0003,500,000Q12019Q22019Q32019Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Q2202316Description:Overtheobservedperiod,thevalueofdwellingtransactionsinPortugalfluctuated.Thelowestvaluewasrecordedinthesecondquarterof2020atfourmillioneuros.Inthesecondquarterof2022,thepriceofhousingwasthehighest,atalmost8.3millioneuros.Sincethen,ithasdecreased,reaching6.9millioneurosinthesecondquarterof2023.ReadmoreNote(s):Portugal;Q12019toQ22023Source(s):StatisticsPortugalValueofdwellingtransactionsinPortugalfrom1stquarter2019to2ndquarter2023,byregion(in1,000euros)ValueofdwellingtransactionsinPortugal2019-2023,byregionNorthregionCentralregionLisbonAlentejoAlgarveAzoresMadeira9,000,0008,000,0007,000,0006,000,0005,000,0004,000,0003,000,0002,000,0001,000,0000Q12019Q22019Q32019Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Q2202317Description:Inthesecondquarterof2020,therewasadropinthevalueofdwellingtransactionsinPortugal,reachingatotalvalueof4billioneuros.Inthefirstquarterof2022,thisvaluedoubled.However,inthesecondquarterof2023,thevaluedecreasedto6.9billioneuros.Overthepresentedquarters,Lisbonwastheregionwiththehighestvalueindwellingtransactions,and,inthesecondquarterof2023,itsurpassed2.9billioneurosinhousetransactions.

ReadmoreNote(s):Portugal;Q12019toQ22023Source(s):StatisticsPortugalWeightofhousinginhouseholdnetworthinPortugalfrom2012to2022WeightofhousinginhouseholdnetworthinPortugal2012-202263.5%62.4%62.5%61.5%60.5%59.5%58.5%57.5%62.2%60.1%60.1%60.1%59.7%59.2%201459.2%201858.5%201658.4%201758.2%201520122013201920202021202218Description:InPortugal,theweightofhousinginhouseholdnetworthdecreasedfrom62.4percentin2012,to58.2percentin2015.From2017onwards,thissharehasincreased,culminatingatover62percentin2022.

ReadmoreNote(s):Portugal;2012to2022Source(s):BancodePortugal;PORDATA;Sapo;StatisticsPortugalNumberofacquisitionsofaccommodationfacilitiesbytheinstitutionalsectorinPortugalfrom2019to2022(in1,000s)NumberofacquisitionsoflodgingsbytheinstitutionalsectorinPortugal2019-20223025201510523.923.222.418.80201920202021202219Description:InPortugal,thenumberofaccommodationfacilitiesacquiredbytheinstitutionalsectoramountedto23.2thousand,in2019,androsetoalmost24thousandin2021,afteraconsiderabledecreaseregisteredin2020.In2022,theyamountedto22.4thousand,whichrepresentedadecreaseof6.5percentcomparedtothepreviousyear.ReadmoreNote(s):Portugal;2019to2022Source(s):StatisticsPortugalValueofacquisitionsofaccommodationfacilitiesbytheinstitutionalsectorinPortugalfrom2019to2022(inbillioneuros)ValueoflodgingsacquiredbytheinstitutionalsectorinPortugal2019-20225.04.54.544.03.53.02.52.01.51.00.50.03.83.2201920202021202220Description:InPortugal,thevalueoftheacquisitionofaccommodationfacilitiesbytheinstitutionalsectoramountedto3.8billioneurosin2019.In2020,thisvalueincreasedtofourbillioneuros,and,in2022itsuffereda12.4-percentincreasecomparedtothepreviousyear,reaching4.5billioneuros.ReadmoreNote(s):Portugal;2019to2022Source(s):StatisticsPortugalPublicopiniononthecurrenthousingsituationinPortugalin2023OpiniononcurrenthousingsituationinPortugal2023Shareofrespondents0%10%20%30%40%50%60%70%80%90%

100%93.3%ThereisageneralizedriseinhousingpricesThereisashortageofrealestatestock70.7%TheriseinpricesisnoticedinbothhousesandapartmentsNewconstructionisdecisiveforthehealthoftherealestatemarketThepriceincreaseinnewconstructionismorenoticeableinapartmentsTherearetoomanypropertiesforsale64.3%60%30%29.3%Applyingforabuildingpermitisoneofthemostbureaucraticprocessesintherealestatesector22.7%21Description:InJuly2023,almost94percentofrespondentsinPortugalagreedthattherewasageneralizedriseinhousingpricesandmorethan64percentnoticedsuchariseinbothhousesandapartments.Intermsofrealestatestock,71percentofintervieweesclaimedthattherewasashortage,while29percentdefendedthatthereweretoomanypropertiesforsale.Newconstructionwasconsideredadecisivefactorforthehealthoftherealestatemarketby60percentofrespondents.

ReadmoreNote(s):Portugal;July2023;1,750respondents;ActiverealestateownersandbuyersSource(s):Imovendo;JornalEconómicoCHAPTER

03OfficerealestateDistributionofofficerealestatetake-upinLisbon,Portugalin2022,bysectorTake-upofofficerealestateinLisbon,Portugal2022,bysectorShareoftake-up15%0%5%10%20%25%30%35%FinancialservicesTMT`s&utilities33%18%17%OtherservicesCompanyservices15%Consultants&lawyersState/Europe&associationsConsuminggoods6%4%3%Pharmaceutical&healthConstruction&realestate2%2%23Description:Thefinancialservicessectoraccountedforthehighestshareofofficerealestatetake-upinLisbon,Portugalin2022.Throughouttheyear,roughlyone-thirdofofficerealestatenewlysoldorsub-leasedwastothefinancialservicessector.Meanwhile,Zone5(ParquedasNacões)wasthemostsoughtaftersubmarket.ReadmoreNote(s):Portugal;2022Source(s):JLLOfficerealestatetake-upinLisbon,Portugalin2022,bymarket(in1,000squaremeters)Take-upofofficerealestateinLisbon,Portugal2022,bymarket8071.13706053.6848.095040302010037.3334.2618.718.82Zone5(ParquedasZone3(NewOfficeAreas)Zone4(SecondaryOfficeLocations)Zone6(WesternCorridor)Zone1(PrimeCentralBusinessDistrict)Zone2(CentralBusinessDistrict)Zone7(OtherZones)Nacões)24Description:About272,000squaremetersofofficerealestatewassoldorsub-leasedacrossthedifferentsubmarketsinLisbon,Portugalin2022.Zone5(ParquedasNacões)hadthehighesttake-up,amountingtoover71,000squaremeters,followedbyZone3(NewOfficeAreas)with54,000squaremeters.Theannualtake-upinZone6(WesternCorridor),themarketwiththemostofficerealestatestockinthecity,wasnotablylowerat37,000squaremeters.

ReadmoreNote(s):Portugal;2022Source(s):Cushman&WakefieldOfficerealestatestockinLisbon,Portugalin2022,bymarket(in1,000squaremeters)OfficerealestatestockinLisbon,Portugal2022,bymarket1,2001,054.491,0008006004002000938.06564.1553.11483.92475.8397.62Zone6(WesternCorridor)Zone2(CentralBusinessDistrict)Zone3(NewOffice

Zone1(PrimeCentral

Zone7(OtherZones)

Zone5(Parquedas

Zone4(SecondaryAreas)

BusinessDistrict)

OfficeLocations)Nacões)25Description:ThemostoftheofficerealestatestockinLisbon,Portugal,isconcentratedinZone6(WesternCorridor)andZone2(CentralBusinessDistrict).Zone5(ParquedasNacões)hadabout476,000squaremetersofthetotal4.5millionsquaremetersofofficerealestateinthecityin2022,buttoppedtherankingforthehighestamountofspacesub-letorsoldduringtheyear.ReadmoreNote(s):Portugal;2022Source(s):Cushman&WakefieldPrimeheadlinerentforofficerealestateinLisbon,Portugal,from2013to2022(ineurospersquaremeter)PrimerentofofficerealestateinLisbon,Portugal2013-2022350300250312300300300252246228228222222200150100500201320142015201620172018201920202021202226Description:TheprimerentforofficerealestateinLisbon,Portugal,hasincreasedsince2013.In2022,theheadlinerentforprimeofficespaceamountedto312eurospersquaremeter,upfrom300theyearbefore.Headlinerentreferstotherentpayableafterrent-freeperiodsorincentives,excludingfeesandtaxes.LisbonwasoneofthemostaffordablemarketamongthekeyofficemarketsinEuropeReadmoreNote(s):Portugal;2013to2022Source(s):BNPParibasRealEstateOfficerealestateprimeyieldinLisbon,Portugalin1stquarter2023,bymarketPrimeyieldforofficerealestateinLisbon,Portugal2023,bymarket8%7%7%5.75%6%5.25%5.25%5.25%5%4.5%4%3%2%1%0%Zone1(PrimeCentral

Zone2(CentralBusiness

Zone3(NewOfficeAreas)

Zone4(SecondaryOfficeBusinessDistrict)

District)

Locations)Zone5(ParquedasZone6(WesternCorridor)Nacões)27Description:TheprimecentralbusinessdistrictofLisbon,Portugal,hadthelowestprimeyieldforofficerealestateinthefirstquarterof2023.Investorscouldexpectaprimeyieldof4.5percentinthatsubmarket,comparedtosevenpercentinZone6(WesternCorridor).Zone3(NewOfficeAreas),themostin-demandsubmarketin2022,fetchedaprimeyieldof5.75percent.ReadmoreNote(s):Portugal;Q12023Source(s):Cushman&WakefieldVacancyrateforofficerealestateinLisbonfrom2013to2022VacancyrateofofficerealestateinLisbon2013-202214%13.2%12.1%12%10%8%11.1%10.1%8.9%8.8%8.6%8.1%6.8%6%4.8%20194%2%0%20132014201520162017201820202021202228Description:ThevacancyrateforofficerealestateinLisbon,Portugalincreasedsince2019butremainedatlevelslowerthantheperiodbefore2016.In2022,theaveragevacancyratewas8.1percent,whichwasslightlylowerthanin2021.AcrossthemajorEuropeancities,Berlin,Luxembourg,andMarseillehadthelowestshareofvacantofficespace.ReadmoreNote(s):Portugal;2013to2022;asofQ4ofeachyearSource(s):BNPParibasRealEstatePrimesquaremeterrentforofficerealestateinPorto,Portugalin2022,bymarket(ineurospersquaremeterpermonth)PrimesquaremeterrentforofficerealestateinPorto,Portugal2022,bymarket20181816141210817151413126420Zone1(CBDBoavista)

Zone2(CBDDowntown)Zone3(ZEP)Zone4(Oriental)Zone6(Maia)Zone5(OtherZone)29Description:Zone1,centralbusinessdistrictBoavista,hadthemostexpensiveofficerealestateacrossthedifferentsubmarketsinPorto,Portugal,in2022.Occupierspaidaprimerentalrateof18eurospersquaremeterofofficespaceinZone1,comparedto13eurospersquaremeterinZone6,theMaia.ReadmoreNote(s):Portugal;2022Source(s):JLLOfficerealestatevacancyrateinPorto,Portugalin4thquarter2022,bymarketVacancyrateofofficerealestateinPorto2022,bymarketVacancyrate6%0%2%4%8%10%12%14%Zone8(VilaNovadeGaia)Zone4(East)12.9%11.4%Zone3(ZEP)9%GreaterPorto8.3%Zone7(Maia)7.8%Zone6(Matosinhos)Zone1(CBDBoavista)Zone2(CBDDowntown)7%6%6%30Description:ThevacancyrateofofficerealestateinPorto,Portugal,wasapproximatelyeightpercentinthefourthquarterof2022,butvariedgreatlyacrossthedifferentsubmarkets.Thecentralbusinessdistrict(CBD),Zone1andZone2,hadthelowestvacancyrateatsixpercent.ReadmoreNote(s):Portugal;Q42022Source(s):Cushman&WakefieldCHAPTER

04Retail,industrial,andlogisticsrealestateNumberofretailrealestatedealsinPortugalfrom2017to2ndquarter2023Retailrealestatetake-upinPortugal2017-Q22023950870850750650550450350250150800690550530520232201720182019202020212022Q2202332Description:InPortugal,thenumberofretailrealestatedealsdecreasedfrom870in2019to520in2020.Duringthefirstquarterof2023,232retailrealestatedealswerefinalized.

ReadmoreNote(s):Portugal;2017toQ22023Source(s):Cushman&WakefieldPrimerentforretailrealestateinPortugalin2ndquarter2023,byformat(ineurospersquaremeterpermonth)RetailrealestateprimerentinPortugalQ22023,byformat140125117.51201008060402001051007512HighstreetChiadoHighstreetdowntownLisbonShoppingcentersHighstreetLiberdadeHighstreetdowntownPortoRetailparks33Description:SquaremeterrentforprimeretailrealestateinPortugalregisteredthehighestvalueinhighstreetChiado,inLisbon,at125eurosinthesecondquarterof2023.HighstreetdowntownLisbonfollowedwithalmost118monthlyeurospersquaremeter.Shoppingcenterscamethird,costing105eurospersquaremeterpermonth.ReadmoreNote(s):Portugal;Q22023Source(s):Cushman&WakefieldRetailrealestateprimeyieldinPortugalfrom2018to2ndquarter2023,bymarketPrimeyieldforretailrealestateinPortugal2018-Q22023,bymarketShoppingcenters(Net)Highstreet(Gross)6.5%Retailparks6.75%7.0%6.5%6.0%5.5%5.0%4.5%4.0%3.5%3.0%6.75%6.75%6.75%5.75%6.75%6%6.5%5.75%4.5%5.5%5.25%4.5%5%4.75%3.75%4.75%4.5%4.25%4.25%20182019202020212022Q12023Q2202334Description:InPortugal,retailrealestateprimeyieldincreasedthemostduringtheobservedperiodforshoppingcenters.In2018,theprimeyieldstoodatfivepercent,andbythesecondquarterof2023,ithadgrowntosixpercent.Highstreetretailrealestatealsogrewfrom3.75percentin2019to4.75percentinthesecondquarterof2023.Retailparkprimeyieldwasthemoststable,measuredat6.75percentfrom2022.

ReadmoreNote(s):Portugal;2018toQ22023Source(s):SavillsTake-upofrealestateontheindustrialandlogisticsmarketinPortugalfrom1sthalf2019to1sthalf2023(insquaremeters)Take-upofindustrialandlogisticsrealestateinPortugalH12019-H12023350,000300,000250,000307,763200,000169,546159,588141,657150,000100,00050,000073,597H12019H12020H12021H12022H1202335Description:InPortugal,theindustrialandlogisticsmarkethasgrownoverrecentyears.Inthefirsthalfof2019,thetake-upamountedtoalmost74thousandsquaremeters.Fromthenon,itincreaseduntilinthefirsthalfof2021.By2023,take-upvolumewashigherthanever,atapproximately308thousandsquaremeters,whichrepresentedagrowthof93percentcomparedtothesameperiodofthepreviousyear.

ReadmoreNote(s):Portugal;H12019toH12023Source(s):SavillsPrimesquaremeterrentforindustrialandlogisticsrealestateinLisbon,Portugalfrom2021to2022,bymarket(ineurospersquaremeterpermonth)IndustrialrealestateprimerentinLisbon,Portugal2021-2022,bymarketRentineurospersquaremeterpermonth20222021301245674.25Zone1(Alverca/Azambuja)Zone2(Sacavém)44.54.56.256.25Zone3(Lisboncity)664Zone4(Montijo/Alcochete)Zone5(Palmela/Setúbal)Zone6(Carnaxide/Alfragide)Zone7(Sintra)3.253.253.255.254.754.254.25Zone8(Cascais)36Description:InLisbon,Portugal,theLisboncityitselfregisteredthehighestprimerentpersquaremeter,at6.25eurosin2022.MontijoandAlcochetecompoundedthezoneofthecitywiththehighestprimerentincrease,goingfrom3.25eurosin2021to4eurosin2022.However,thiszonewastheleastexpensiveinLisbon.ReadmoreNote(s):Portugal;2021to2022Source(s):JLLAnnualprimerentcostspersquaremeterforwarehousesover5,000squaremetersinLisbonfrom2014to2022(ineuros)PrimaryrentcostsforwarehousesinthelogisticsmarketinLisbon2014-2022605051484545454442424240302010020142015201620172018201920202021202237Description:Theannualprimerentcostspersquaremeterforwarehousesover5,000squaremetersintheoccupierlogisticsmarketinLisbon,Portugal,haveincreasedsteadilysince2018Asof2022,theprimerentforwarehousesinLisbonwas51eurospersquaremeterannually.Headlinerentreferstotheren