Portugal's cities are experiencing a remarkable revival thanks to strong economic growth. It fuels the development of new commercial and office spaces, as well as makes the cities increasing popularity among investors purchasing old buildings for renovation, JLL Real Views reports.
While Lisbon is gradually becoming an international city attracting foreigners and wealthy home buyers, Porto sees a flourishing sector of commercial and office real estate. “Many buildings are restored in these cities, public spaces are transformed, and every day new shops, cafes, and restaurants are emerging there”, managing director of JLL Portugal, Pedro Lancastre, said.
The growing confidence among Portuguese consumers, coupled with an increase in tourist flow, creates a favorable environment for the development of a commercial real estate sector. Thus, according to a preliminary data of the National Institute of Statistics, in 2017, the number of tourists in Portugal increased by almost 12%, up to 12.7 million people.