The State of the Portuguese Real Estate Market in February

The second month of the year, even though the shortest and with more quiet days due to the Carnival festivities, proved to be a surprising month for investments in the real estate market. All over the country, transactions took place in the various segments of the sector.

It was also a month marked by the solutions presented to overcome the lack of housing in the country. The Government advanced with new measures to combat the housing crisis, with the approval of the “Mais Habitação”. The new measures aim to increase the housing supply, simplify licensing, create a larger rental market, combat speculation and support families.


At the beginning of the month, the Socicorreia Group announced the launching of four new residential projects, in Lisbon, Funchal and Porto, as well as the construction of a five-star hotel unit in Braga. These translate into a total investment of 100 million of euros. To this amount more than 110 million euros, corresponding to the sale of housing units for 2023, must be added.


Also in early February, the Gago Coutinho Building 26, in Lisbon, was sold. The asset totals approximately 8,200 m2 of gross building area, spread over 9 storeys. The investment opportunity was presented to Fundo CA Património Crescente (Fundo de Investimento Imobiliário Aberto, managed by Square Asset Management), which ended up acquiring the building.

With the month coming to an end, the Campo Alegre Building, the former Ageas headquarters, located in Porto, was sold to the promoter Osborne. The asset has 15 thousand m2, and can receive more than 600 collaborators, distributed over 7 floors. The value of the transaction was not disclosed.


In this segment, at the beginning of the month, Lidl announced an investment of 11 million euros in opening a new store in Vila Nova de Famalicão. The retailer thus continues its investment in Portugal, with the opening of its 89th store in the North zone. The new space has an area of 1,400 m2.

Industrial and Logistics

The Portuguese company Inipol acquired an industrial unit in Marinha Grande from Caixa Geral de Depósitos, with around 10,000 m2. The transacted property consists of two naves with basement, which include two warehouses, one of which also has spaces dedicated to manufacturing and administrative services. The new owner will proceed with the rehabilitation of the property. The investment value was not disclosed.

Also at the beginning of the month, it was announced that the largest “green” logistics centre on the Iberian Peninsula will open in Portugal. Parque Logístico Grândola – Euro Atlantic Logistics Park (GLPEA), is located in Grândola, 150 km from the Spanish border. Qantara Capital allocated an investment of several hundred million euros for the development of the new logistics centre, which will occupy an area of 130 hectares and will have a total of 670,000 m2 of construction area for logistics, industry and services, 300,000 m2 for adjacent infrastructures, and 330,000 m2 for green areas.

Then, Mercadona announced the investment of 225 million euros in Almeirim, Santarém, in what will be the largest logistics block in the Iberian Peninsula. The logistics asset will be built on a plot of land measuring 440,000 m2, acquired by Mercadona and will have a construction area of 120,000 m2.

With the month coming to its end, MD Plastic’s headquarters were sold for around 5.5 million euros. The asset was sold to Fundo CA Património Crescente, in a sale & leaseback transaction, with a long-term contract. MD Group already had the aim of selling the MD Plastic headquarters, which has a total area of 9,500 m2. However, and because it is strategic for the company’s operation, the group will maintain its operation in its current location in the long term.

Alternative Assets

At the beginning of the month, Kronos Real Estate Group announced the expansion of its portfolio in Portugal. The assets include around 750 properties already built and 425 units to be developed. The deal represents a potential of more than 1,000 million euros in property sales. Through a new significant acquisition, Kronos Real Estate Group positions itself as one of the main resort managers and real estate developers in Portugal, and will now manage and operate a portfolio of 14 projects.

With the month coming to an end, an investment of almost 6 million euros was made public in the creation of a wine tourism complex in Viana do Castelo. This private investment covers the setting up of a project at Solar da Videira and Solar de Louredo. It covers not only the requalification, but also the reconversion of the two farms dedicated to the wine production, where there are already buildings intended for housing and agricultural activities. These spaces will be converted into buildings for wine production, complemented by tourism.

Finally, SLM Partners acquired two agricultural properties in Alentejo. The assets represent an agricultural property of 121 hectares, located in Odivelas, Ferreira do Alentejo, and another property of 142 hectares, located in Montoito, in Redondo. The investment value of the operation was not disclosed.

 Senior Residences

At the beginning of February, the investment of 47 million euros in a tourist development for seniors in Vilamoura, in the Algarve, was made public. Domaine de Vilamoura is part of a large mixed-use urban renewal project that will include residential buildings, tourist accommodation, shopping and leisure. The enterprise has an area of around 13,000 m² and the tourist building will have 159 flats. The new development is the result of a partnership between Nexity Portugal, the AEGIDE Group and Perial ASSET Management.

Student Residences

Shortly thereafter, Heed, Amro and IPIM closed a €7.5 million loan with Alteralia Real Estate Debt, for the development of a student residence project in Porto, with 151 beds. The inauguration of the project is scheduled for January 2024.

With the month ending, the Trofa Saúde Group announced that it will invest 50 million in a new hospital in Penafiel, in the district of Porto. The new unit, scheduled to open in May 2025, will be built from scratch and is located near the Padre Américo Hospital, in the parish of Guilhufe.


In this segment, Grupo Pestana announced a new commitment to residential tourism in Porto Covo. The Pestana Porto Covo Village development, with 174 tourist apartments, is located in the heart of Porto Covo and is the most recent project of the Pestana Residences brand. The investment value has not been disclosed.