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Research shows that the hotel industry is the “star” of real estate investment in the country in 2023, followed by the retail market, which accounts for 35% of the total amount of such investment, or 550 million euros.
Lisbon added 20 new hotels last year, mostly four-star hotels with about 2,000 rooms, and plans to add 20 hotels with 2,000 rooms in 2024, according to CBRE.
On the other hand, the consulting firm said that 10 new hotels will open in Porto in 2023, most of which are five-star hotels with about 1,000 rooms, and 15 new hotels are expected to open in 2024.
In terms of the retail market, the analysis highlights that by 2023, three retail parks will be opened with 93 stores in Lisbon and 67 stores in Porto.
Real estate investment will fall by approximately 50% compared to 2022
Although the hospitality sector will be considered the leader in real estate investment in 2023, the study notes that “high interest rates, combined with fears of an economic recession, have led to a significant decline in real estate investment volumes, a trend that Portugal has not escaped: in 2023, The country attracted a total investment of 1.6 billion euros, about 50% less than the previous year.
“The strong investment activity observed since 2015 has been primarily directed towards the office tower and shopping mall properties, although interest has diversified into other asset classes,” the study noted. As mentioned earlier, “a greater acceptance of risk has attracted some investor interest in other operating assets, such as restaurants, student accommodation and healthcare.”
In the case of Portugal, CBRE and Deutsche Bank said that “the slowdown in investment activity is not driven by asset operating performance, but mainly by an overly cautious attitude among investors”.
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Ben Lynch
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