Breaking records is the new normal

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Portugal’s property market has continued to break records in 2018. Colliers’ most recent report estimates property investment to have closed above 1,5 billion euros, making it easy to anticipate that the 2 billion euros threshold will be surpassed by the end of the year.

The office market in the most important Portuguese cities mirrors perfectly Portugal’s property market: prime rents close to historical highs, absorption breaking rents and prime yields decreasing from historical lows.

In the office market, it is important to highlight that developers seem to have discovered the market’s potential, with an increasing supply, although slight in Lisbon, but important, in Porto. “80.000 sqm of new offices in Porto will definitely impact the local office market” says Vasco Carvalho, Colliers International.

In Lisbon, supply growth rate will not match Porto’s, but that is something that may change soon. “The consequences of that increase should not be feared by local players” states Gustavo Castro, Research Colliers International. “The potential demand appears to be capable to absorb, without major difficulties, the new office space, which will requalify the existing supply and make it easier to accommodate international investors” adds Gustavo Castro.

In this context of consensual optimism, only the European news advise caution. However, in a growing economy, with low unemployment, in a market where returns are still higher than in more mature European markets and where prices, although close to all-time highs remain competitive in the European landscape, a shift is not expected in the near future, and, especially, in the second half of 2018.

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Breaking records is the new normal

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Joaquim Chambel

Managing Director


Prior from joining Colliers, Joaquim was a director in RAR Imobiliária - a property company - managing its property portfolio and the property development arm of the firm, engaging in land negotiation, project definition, construction contract and construction control, marketing and sales. Developments started and finished under his tenure amounted to 220 million euros sales figures.

He then joined Colliers in 2004. Within these last years the company has grown more than threefold (prior to the financial crisis) and expanded its staff by 2. The company is primarily focused on professional services and is also active in transactional services. Joaquim is also the responsible for the opening and supervision of the office in Angola, which started operations in mid 2009.

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Gustavo Castro

Head of Porto Office


Gustavo joined Colliers in 1999 as a Junior Consultant. Gustavo's work was highly appreciated and in 2000 became Senior Consultant. In 2001, Gustavo was appointed head of the Porto office. In 2007 and 2008, he assisted Colliers' local offices in Africa (Mozambique and Angola).

Since 2008, Gustavo is not only responsible for the Porto office but also for the Research Team.

The Research Team has vastly improved their performance, covering several types of properties and periodically monitoring the most important property markets.

You can connect with me on LinkedIn.

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