Cushman & Wakefield has launched the 42nd edition of Marketbeat Portugal, a publication that summarizes the activity of the Portuguese real estate market in 2023 and its trends.
In a more challenging economic environment, the year was characterized by a mixed performance in the occupational markets, ranging from a sharp drop in the office market in Greater Lisbon to an increase to values above 2019 (pre-pandemic) in hospitality. In addition, the shortage of quality supply continued to justify some upward corrections in prime gross rents.
Commercial real estate investment activity recorded a year-on-year drop compared to 2022, with market yields being revised upwards.
By 2024, a distinct evolution is anticipated throughout the year, influenced by expectations of the ECB reducing benchmark interest rates in the spring – with the first semester still characterized by some stagnation, followed by a gradual recovery in the second semester.
![Cycling past the Ponte 25 de Abril Lisbon](https://cw-gbl-gws-prod.azureedge.net/-/media/cw/emea/portugal/news/2020/lifestyle-2.jpg?rev=e6bdf562eeb942339c6058ba3a5f8085&hash=A893229AEBB87E69A2A36D57D5574153)