I would say that we will have a year of challenges ahead […] last time we managed to get through the [financial] crisis […] centralizing real estate as one of the main engines of economic recovery that happened more quickly than could have been hoped. The pandemic had a huge, mostly negative impact on the rare earths market in 2020, but there were also some unexpected upsides that emerged, Ryan Castilloux of … After falling in February, total retail sales growth resumed in June with the surge in e-commerce sales and the reopening of brick-and-mortar stores. IMI Real Estate Listings In the student housing sector, the Government established a strategic cooperation with the tourism sector, currently facing lower tourist demand, to increase the supply of beds at regulated prices by 4,500. Let's look at some of the things that are happening and might influence the market. Notwithstanding this lull in occupier activity, investors continue keen to acquire core/core+ assets, namely in Lisbon and Porto Prime CBD, resulting in yield compression of between 10 and 15 bp, to 4.00% and 6.00% respectively. 2020 Census reflected strong growth for the Myrtle Beach MSA - the Myrtle Beach metropolitan statistical area (MSA) population has grown from 376,722 in 2010 to 487,762 people in 2020, an increase of 22.76% over the past ten years. Rental Rates: The U.S. Industrial rents were among the highest on record this quarter, hitting $6.62 p.s.f. IMI Data Center
After posting the most drastic fall in GDP in its history in 2020, Spain is forecast to be on track for growth of 4.4% in 2021. What is the best city to buy property? To address customer confidence / anxiety the creation of a ‘health guarantee seal’ is being discussed. The EU commission state that the Portuguese property market is in its seventh year of growth and growth is forecast into 2021 across the Portuguese real estate sector. In an apparent counter-cyclical development, average bank valuations of residential property reached once again an historical high in October of €1,131/sq m (+5.8% YoY) - €1,504/sq m in Lisbon and €1,131/sq m in Porto. In the office sector, the Greater Lisbon market registered a mere 27 new lease deals in Q2, totalling 26,150 sq m (-35% YoY), which includes the biggest deal of the first half of the year - the pre-let of circa 10,000 sq m to Critical Software in K-Tower, currently under construction in Parque das Nações (Zone 5). Global Market Perspective and Global Capital Flows, May 2020. in shopping centres (to 5.50%). With the end of the State of Emergency, during which most non-essential services were shut down to contain the spread of the new coronavirus, Portugal's lockdown began to be gradually lifted on 4 May. Aims to Take Direct Control of CBI-Fund: Can’t Let It “Be Turned Into a Slush Fund” Says Chastanet, on Vanuatu’s Announcement of a CBI Real Estate Option Raises 9 Big Questions, on US Govt. until 8 August, while circa 42% of the municipalities on mainland Portugal are now classified as ‘high risk’. The most resilient sectors in terms of yields (increases of less than 25 b.p.) In the first half of 2020, the Lisbon office market saw a total take-up of approximately 84,500 sqm, reflecting a 24% slump when compared to the same period last year. Portugal’s investment growth is perhaps best illustrated by highlighting real estate investments over the past 12 years, where investments have risen threefold from 2008 to 2020, and which is strongly influenced by foreign sources. Lisbon is among the few that take a step back, which includes earlier shopping closing hours, particularly at weekends. Ireland The latest official figures from the Department of Lands and Surveys show that sales increased by 39% in November year on year across the country. These will no longer be differentiated by municipalities, but applied countrywide, and include: Last month also witnessed significant investment activity, with €490 million transacted, just slightly below the total volume transacted in the previous 6 months (€561 million), a clear indicator that investors are resuming decision making processes. The publication aims to provide you with European residential market data on a regular basis and to answer questions on how Europeans live and at what costs. Political risk, directors’ & officers’, complex and cat-exposed property, and the energy and power industries are particularly challenging. Urban e-commerce tenant demand has nearly tripled this year in the U.S. Recovery of the retail market is expected to be long drawn, given the risks and uncertainties that still linger, though it will be mitigated by the moderate level of upcoming supply. More than half of this amount was represented by 3 large transactions - one each in the office, retail, and hospitality sectors, and with the latter two occurring in Q1, i.e. Portugal is among the few European countries that offer visas for investors. Read insights and reports from JLL about the commercial property market. The renovation building sector has also seen a considerable boom in the historic cities of Lisbon and Porto as investor look to renovate stunning 18th/19th century assets sometimes to qualify for the 350,000 Euro rehabilitation Golden Visa or simply to make profits. Here the demand was driven by Chinese buying property to qualify for Portugal’s Golden Visa program. How to find property in Portugal. Coronavirus crisis. Amidst COVID-19, industrial property sales are still solid.
As the number of new COVID-19 cases continues to increase, the Portuguese Government extended the current State of Contingency until 14 October, while also implementing additional financial relief measures, including a further 6-month extension of the moratorium on loan repayments, to September 2021. “Trying to Stem The Flow of Expatriation” as IRS Names Nearly 1,000 Americans in Q3 Renunciation Update, Romy Hawatt on Why He’s Spent 10 Years in Porto Montenegro and Invested €22M, Copyright Investment Migration Insider 2020. The State of Emergency is almost certain to be extended this week until 1 May. Additionally, loans from the Recovery and Resilience Instrument, amounting to €1.149 million, will be used to invest in affordable public housing (€774 million) and affordable student housing (€375 million). More resilient, industrial only registered a slight decrease in take-up, to 64,400 sq m (-9% YoY); and the office sector provided a mixed picture, benefiting in both cases from the good performance during Q1 - take-up reached 84,400 sq m (-23% YoY) in Greater Lisbon and 28,400 sq m (+38% YoY) in Greater Porto. Portugal Real Estate Outlook 2021. In 12 months, approximately 30,670 flats were advertised on the property portals. Read more of our annual Hotel Investment Outlook for a forward-looking, global analysis of trends affecting the hotel investment market and global hotel transaction activity. Greece Despite the renewal of the State of Emergency until 31 March, the improvement of the pandemic situation led to a 4-phases lifting of lockdown restrictions starting 15 March. Notwithstanding, confidence levels continue to increase, including in the construction and retail sectors. How to buy property in Portugal. In fact, bank valuations hit record levels in July, rising by Zillow Economic Research predicts that annual home value growth will rise to 13.5% in mid-2021 and that home values by the … How to buy property in Portugal. As the vaccination rollout accelerates (near 60% of the total population has now been fully vaccinated) and the latest surge in infections slows down, the Portuguese Government announced late July a three-stage plan to ease lockdown restrictions. Portugal’s central bank meanwhile recently revised its June forecast to a slightly less severe contraction for the year of 8.1% GDP, reflecting a better than expected recovery from lockdown. During Q2, the economy was significantly impacted, with GDP decreasing 16.3% YoY. According to the National Statistics Institute (INE), the hospitality sector registered a 63% contraction in overnight stays in 2020 to 26.0 million. Real estate and construction activities account for 7.3% of total employment and the construction sector was responsible for 8.1% of Portugal’s GDP in 2018. Found inside – Page xThis continuing high debt calls for an additional response to address the crisis legacies and unshackle economic ... above or near 70 percent of GDP by 2020, and gross household debt in Portugal and the United Kingdom is projected to ... According to property market experts on the topic of Spanish house prices in 2021, the outlook for new-build housing in Spain is much clearer than that for previously owned properties. This category only includes cookies that ensures basic functionalities and security features of the website. Notable market trends and sentiments. Despite being among the hardest hit sectors by the pandemic, the hospitality sector also saw much activity with the sale by Minor International of two five-star resort hotels in the Algarve (Tivoli Marina Vilamoura and Tivoli Carvoeiro) to Azora for €148 million. These cookies will be stored in your browser only with your consent. The second half of the year might increasingly reflect the current standstill in the market, possibly leading to higher rental incentives provided by landlords, particularly in the most hampered sectors and/or secondary locations. Numerous small and medium-sized companies are already in distress, putting pressure on tenants to further negotiate with landlords and forcing the Government to implement additional assistance measures. Future of real estate investments. Portugal’s Real Estate Market Declines in May 2020. Read More Portugal Covid-19 MarketFlash Abril2 ... ERIX is CBRE’s Global Research Application that records aggregated comparable property market data for over 200 global cities. However, although house prices have risen, contrary to the increase in sales price, the average price of rental properties has declined by 8% in comparison to this time last year. Participants believe that the leasing market activity in the hospitality, retail and student housing sectors will most likely return to previous levels within 1 to 2 years, whereas healthcare, logistics and residential PRS appear to be more resilient, with an expected recovery of occupational activity within 3 months. Saint Lucia October 28, 2021. November 18, 2020. The above indicators were of course influenced by the positive momentum that the Portuguese market was going through but, with most players currently adopting a cautious approach, the Q2 figures should register a general and substantial YoY decrease, following which a gradual recovery will depend upon the evolution of this pandemic. On the latter, the Government’s April ruling that working from home would remain compulsory until the end of the year in certain municipalities, expectations are now that this will be reversed in June, and a general return to offices will start taking place, subject to rules defined at a local or regional level. The programme offers fast track to non-European investors who invest a minimum amount on Portuguese real estate, as defined by law in order to receive a residency permit in the country, alongside other attractive tax advantages. It is mandatory to procure user consent prior to running these cookies on your website. Additionally, easyJet announced the opening of a seasonal base at Faro airport for summer 2021, which will be its third in Portugal, thus strengthening its operation in the Algarve region. Associate Director, Head of Research & Insight
This updated edition of the annual examination of the commercial market provides an outlook on real estate investment and development trends, real estate finance and capital markets, trends by property sector and metropolitan area, and ... 5 and 6 percent. You also have the option to opt-out of these cookies. Close this dialog to confirm your consent, or visit this page to learn more: Following the record high daily infections after the holiday season, Portugal entered its eighth State of Emergency with tighter restrictions, which could amount to a full lockdown depending on the evolution of the pandemic over the next days.
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