The numbers are clear. Real estate investment in Portugal reached €915 million in the first quarter of 2026, a growth of 34% compared to the same period of the previous year. In a context in which the Eurozone has recorded an average drop in investment of around 26%, this performance is not only positive, it is differentiating. More than a good quarter, it is a sign of positioning.
This growth was mainly driven by the hospitality and retail sectors, which continue to demonstrate a remarkable ability to attract capital. Tourism remains one of the great engines of the national economy, and this is directly reflected in the appetite for hotel assets. At the same time, prime retail, especially in the more consolidated areas of Lisbon and Porto, continues to benefit from limited supply and consistent demand.
But there is something deeper behind these numbers. What this Colliers study shows is a change in the way Portugal is seen in the international context. We are no longer just an opportunistic or recovery market. We are increasingly a market considered stable, predictable and with solid long-term fundamentals.
Yield stability, controlled inflation, and greater predictability of financing conditions contribute to this scenario. Capital has not disappeared. It has become more demanding, more selective, and more focused on assets that guarantee stable income and resilience. And Portugal, at the moment, offers exactly that.
However, it is important not to confuse resilience with the absence of challenges. The Portuguese real estate market continues to face structural limitations that, in the medium term, may condition this growth. Supply shortages, especially in residential segments, continue to put pressure on prices and limit access to housing. Bureaucracy and licensing times continue to be real obstacles to the implementation of new projects.
In addition, the focus of investment is still very concentrated in certain segments and geographies. While hospitality and retail lead, other segments such as living, build-to-rent or even affordable housing are still far from reaching the level of scale needed to balance the market.
What this moment requires is a strategic vision. If we want to continue to attract international capital and maintain this positioning, it is essential to transform growth into sustainable development. This involves diversifying the type of assets, accelerating processes, creating conditions for new investment models and, above all, ensuring that the market responds not only to the investor but also to the real needs of the country.
Portugal is clearly on the radar of global investors. This is no longer a prediction; it is a reality.
The question now is simple, but decisive: are we going to take advantage of this moment to structure the future or limit ourselves to managing the present?