Real Estate Documentation or Recording Records
The real estate investment fund market in Portugal is experiencing a period of accelerating growth, according to N2AM-SGOIC's 2025 study titled "Real Estate Alternative Investment Schemes - Portrait of the Current Situation in Portugal". The study reveals that there are now 321 active real estate funds managing over €17.8 billion, marking a 19% increase in the number of funds and a 21% rise in assets under management compared to April 2024.
This growth trend began in 2022, following a period of market stability from 2016 to 2021. The number of active management companies has also grown to 67, indicating a more dynamic and mature market environment.
The future outlook for 2025 is positive, with several factors contributing to this optimistic view. The continued expansion of the real estate fund market, supported by increasing investor interest and professional management, is a key factor. In addition, a favorable economic environment in Portugal, with GDP growth forecasts of around 1.8% in 2025 and improving financial conditions such as lower interest rates, make real estate investments more attractive.
Another significant factor is the transition in Portugal’s Golden Visa program. Investment funds, often venture capital or private equity funds regulated by CMVM, have become the preferred route for residency investment since direct real estate purchases are less viable. These funds emphasize portfolio diversification, professional management, and regulatory compliance, focusing more on business equity investments linked to the real estate sector, such as hospitality or tech startups.
Nuno Marques, co-founder and director of N2AM, states that the real estate investment fund industry has demonstrated a strong capacity for recovery since 2022. The study characterizes investment organizations in terms of configuration, typology, and investment targets, highlighting annual market developments with a long-term perspective.
The study presents a detailed analysis of the real estate investment sector in Portugal, including key economic indicators and real estate investment dynamics. It suggests that construction and real estate development projects still have room to grow in the funds' portfolios, particularly for rental housing. The study also indicates that most of the funds' real estate portfolios continue to consist of completed properties.
In conclusion, real estate investment funds are increasingly established as a key vehicle for capital deployment in Portugal, combining transparency, regulatory oversight, and attractive growth prospects into 2025 and likely beyond. The combination of strong market fundamentals, evolving legal frameworks, and robust investor demand underpins an optimistic outlook for Portugal’s real estate fund sector.
References: 1. N2AM-SGOIC’s 2025 study titled "Real Estate Alternative Investment Schemes - Portrait of the Current Situation in Portugal" 2. Various economic forecasts and reports 3. Changes in Portugal’s Golden Visa program 4. Regulations governing venture capital and private equity funds in Portugal
- given the accelerating growth of real estate investment funds in Portugal, as indicated by N2AM-SGOIC's 2025 study, there is an increasing interest among investors to finance real estate projects in Portugal.
- the positive future outlook for real estate investments in Portugal, according to the study, is partly driven by the transition in Portugal's Golden Visa program, making investment funds a preferred route for residency investment.
