We created programs, promoted the country, strengthened our presence in foreign markets and tried to convince investors that Portugal was a competitive destination for their capital. Perhaps the time is now coming to add another question to this strategy: when capital arrives, do we have enough product where it can invest?

The most recent figures show that the interest is there. In the first half of 2026, investment in commercial real estate in Portugal reached 1,410 million euros, 14% more than in the same period last year, in a total of 52 transactions. About 70% of the capital invested came from abroad. The distribution of this investment is, however, particularly revealing: hotels accounted for 38% of the total volume, retail 30%, alternative assets 17% and industrial and logistics 11%, while offices were reduced to just 4%.

Of course, there are different reasons for these numbers, and it would be excessive to conclude that Portugal faces a widespread shortage of investment assets. Even so, WORX's WMarket Review Mid-year 2026 identifies supply limitations in several segments. In offices, for example, the low volume of investment is associated, among other factors, with the scarcity of tradable product. In logistics, the report continues to point to a structural lack of high-quality supply, despite the demand for modern and well-located facilities.

This raises an important question for the future of the Portuguese real estate market. Perhaps the next challenge is not only to attract more capital, but to create more product capable of receiving it. And creating a real estate product does not necessarily mean building more buildings: it means developing assets with location, size, quality, efficiency and characteristics compatible with the demands of institutional investors, as well as recovering, transforming and repositioning existing buildings so that they can return to the market with an economically competitive use.

The investment made in the first half of the year shows how this universe is expanding. Among the alternative assets, relevant operations in data centres and senior residences have emerged. The hotel industry continued to attract capital, and logistics maintains potential associated with the reorganisation of supply chains and the demand for modern facilities. Portugal may therefore be facing a relevant opportunity: it has interested international capital, evident needs in different segments and a real estate stock that, in many cases, can be transformed. The challenge is to be able to bring these three realities closer together.

This implies thinking about real estate investment not only as a financial issue, but also as a matter of execution. Available land, licensing, urban planning, infrastructure, construction costs and the ability to convert buildings determine what actually reaches the market. Attracting capital will continue to be important, but a country's competitiveness is not only measured by the number of investors it can interest; it is also measured by the ability to transform this interest into productive investment.

Perhaps Portugal has already done a difficult part of the job: putting itself on the radar of international capital. The next challenge will be to ensure that there is a product capable of transforming this interest into real investment.