Investment in the retail sector in Portugal totaled 840 million in 2025, the second best year since the pandemic and equivalent to 30% of the real estate volume transacted in the country, according to consultancy JLL.
In terms of number of operations, 2025 was the most active in the historical series, with 38 transactions completed.
Shopping malls concentrated the largest share of capital, representing 81% of the amount invested (567 million). Street stores transacted 123 million, an increase of 21% compared to 2024, while commercial parks registered just 11 million — a drop of 92% year on year, after a record year in 2024.
As for the origin of the capital, 70% of the investment was international and 30% was carried out by Portuguese buyers. By risk profile, Core and Core+ investors represented 64% of operations, appreciation capital accounted for 18% and opportunistic capital accounted for 3%.
Augusto Wolf, Head of Capital Markets of JLL Portugal, says, cited in the study, that “Portugal reinforces its position as a mature and attractive market for retail investment”, whose value generated only demonstrates its “stability, resilience”, as well as the “great confidence of national and international investors”.
In Lisbon, the availability of stores in arterial streets prime remains reduced. For example, Rua Augusta has 6.5% availability and Rua Garrett records full occupancy.
Sofia Tavares, Head of Leasing Advisory from JLL Portugal, warns that “Lisbon is consolidating itself as one of the most dynamic and competitive High Street markets in southern Europe”, also highlighting that “this lack of supply in the main areas is putting pressure on rent values and creating a scenario of great competition for the few spaces that reach the market”.
The returns prime in high street stores compressed 50 basis points to 4.25% in 2025, reflecting renewed investor appetite. In shopping centers profitability prime remained at 6.15%, while commercial parks fell 25 basis points to 6.50%.
The stock of commercial equipment in Portugal is expected to grow by 72,750 m² in 2026 — 60 thousand m² of new developments and 12,750 m² of expansions. Commercial parks lead the additional supply, representing 70% of new openings, and a new shopping mall is planned to open in the central region with around 18 thousand m².
Currently, the national market totals 3.95 million m² distributed across 172 assets (369 m² per thousand inhabitants). Shopping centers constitute 120 assets and 84% of the stock, with 310 m² per thousand inhabitants, while commercial parks total 52 assets (16% of the stock) and 61 m² per thousand inhabitants.
Leave a Reply