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PORTUGAL

REAL ESTATE MARKET REPORT

Results Q1 2020

Economic Overview

ECONOMIC OVERVIEW – Q1 2020

3

Source: Bank of Portugal; Observador and OECD analysed by Savills Research

GDP Growth(Q1 2020 YoY)

2.2%

Inflation(Q1 2020 YoY)

0.5%

Private Consumption

Growth (Q4 2019 YoY)

2.0%

Exports(Q4 2019 YoY)

6.3%

Unemployment

Rate(Q1 2020)

6.5%

Public Debt(bn €)

255.4

6.5%6.7%6.6%7.9%

10.1%

12.1%

13.6%

15.1%

17.3%

14.4%

12.2%11.3%

7.3%7.4%7.8%8.6%

9.6%10.5%

11.3%11.9%11.9%

10.7%10.1%10.1%

Q12020

Q42019

Q42018

Q42017

Q42016

Q42015

Q42014

Q42013

Q42012

Q42011

Q42010

Q42009

Unemployment Rate

Portugal Europe

The pandemic situation that is being part of our

lives will lead to a slowdown in the economic

activity, which is still impossible to quantify.

However, ISEG (Lisbon School of Economics and

Management), forecasts a decrease of the GDP

between 4% and 8%, with the growth of this

indicator happening only in the last quarter of

2020, an opinion also shared by Bank of Portugal.

Investment Market

INVESTMENT MARKET - Q1 2020

5

Source: Savills

Total Investment Volume Q1 2020: 1.4 €Bn

The total investment market volume during the Q1 2020

registered a significant growth comparing with the

homologous period, mostly because of the transaction of

50% of the Sonae Sierra Fund, where some of the biggest

national shopping centers are included (such as Colombo,

Vasco da Gama, Cascais Shopping and Norte Shopping),

estimated in €750 M;

During the 1st quarter of 2020, there was registered a total of

13 transactions, which represent the same number of

transactions comparing with the same period of 2019. Circa

of 62% of all transactions were above €100 M.

-100,00%

-50,00%

0,00%

50,00%

100,00%

150,00%

200,00%

250,00%

300,00%

0

200

400

600

800

1000

1200

1400

1600

Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020

% V

ariation

€M

Total Investment Volume

Investment Volume (€M) Variation (%)

6

Source: Savills

INVESTMENT MARKET – Q1 2020

The Q1 2020 main highlight was the retails segment, which reached a total

investment volume over 12 times higher than the homologous period, with

a total of €817.55 M;

The segment of hospitality with €300 M, and offices with €255 M, complete

the other 2 spots of the 3 main business sectors;

DEVELOPMENT: The investment regarding a future change of the

asset’s use, mainly for residential and hospitality sectors, was also

encourager during the Q1 2020;

The development transactions were mainly in the city center, which we

consider as a signal of the high appetite that exists for the Portuguese

capital.

29

792

18 10

190

68

836

5628

255

817.55

2.15

300

Offices Retail Industrial &Logistics

Hospitality Mixed Use Others

Investment by Business Sector (€M)

Q1 2018 Q1 2019 Q1 2020

7

Source: Savills


55%

15%

50%57%

87%

73%82% 82%

62%

17% 14% 12%21%

10%15%

24%

45%

85%

50%43%

13%

27%18% 18%

38%

83% 86% 88%79%

90%85%

76%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q12020

Cross Border vs Domestic Investment

Domestic Cross-border

29.7

153.2

470

750

≤ 20 21 - 100 101 - 300 ≥ 301

Nº Transactions (Units) andInvestment Volume (€M)

3 15 2

8


54%Germany /

Finland

23%Portugal

€750* M

€328 M

53.46%

23.35%

12.12%

4.50%

3.56%2.85%

0.15%

Investment Volume by Purchaser Nationality

Germany / Finland

Portugal

USA

NA

Switzerland

UK

France

* Estimated Value

12%USA

4%Switzerland

> €170 M

€50 M

* Estimated Value

Source: Savills

9

Fonte: Savills

Top Investors Q1 2020



10

Source: Savills

50% Sonae Sierra Fund

Colombo, Vasco da Gama, Cascais and Norte Shopping Centers

RETAIL

Seller: Sonae Sierra / APG

Buyer: Allianz / Ello

10 Hotels

HOSPITALITY

Seller: Grupo Bernardino Gomes

Buyer: Stakecorp / Palminvest

PREOF Portfolio

2 assets

OFFICES

Seller: Finsolutia

Buyer: Cerberus

Fórum Viseu

RETAIL

Seller: Square AM

Buyer: Light House Group

€750M*

€300 M €170 M €40 M

Top Transactions

* Estimated Value


11

Source: Savills

PRIME YIELD (%) 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020

Offices (Gross) 7.75 7.25 6.00 5.50 5.00 4.75 4.50 4.00 4.00

Shopping Centres (Net) 8.00 8.00 6.25 5.50 5.50 5.00 5.00 4.75 4.75

Retail Parks (Net) 10.00 10.00 9.00 7.25 7.25 6.75 6.75 6.50 6.50

High Street (Gross) 7.25 6.75 5.75 5.00 5.00 4.50 4.25 3.75 3.75

Industrial & Logistics (Gross) 10.00 9.75 8.00 7.00 7.00 7.00 6.50 6.25 6.25

0

2

4

6

8

10

12

2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020

%

Prime Yield by Sector

Offices (Gross) Shopping Centres (Net) Retail Parks (Net) High Street (Gross) Industrial & Logistics (Gross)

Lisbon Office Market

ZONE MAP – LISBON OFFICE MARKET

13

Lisbon office market is divided in 6 big zones, as

following:

Zone 1 – Prime CBD

Zone 2 – CBD

Zone 3 – Emerging Office Zone

Zone 4 – Secondary Office Zone

Zone 5 – Parque das Nações

Zone 6 – Western Corridor

LPI is the Index used to evaluate the Lisbon Office Market

Performance.

It’s a Real Estate Index that monthly shows the sq m traded

and the correspondent lease values (sq. m./month) .

Prime CBD (Zone 1) and CBD (Zone 2) represent the Prime

Location in the Lisbon Office Market.

LISBON OFFICE MARKET

14

ZONE 1 - PRIME CBD

N.B.: All offices located outside the main zones are included in the so-called zone 7, which corresponds geographically to all the

areas of Lisbon which are not within zones 1 to 6.

Area: From Av. da Liberdade to the Praça Duque de Saldanha.

Description: The leading zone of Lisbon.

Occupiers: The main area for head offices and back offices in the banking and

insurance sector plus offices of the largest law firms.

ZONE 2 - CBD

Area: Av. da República, Av. Duque de Loulé and the Amoreiras area.

Description: Central and established area of Lisbon.

Occupiers: Service companies and state entities

ZONE 3 – EMERGING ZONE OFFICE

Area: From Campo Grande to the 2nd Circular ring road, the areas of Benfica,

Praça de Espanha and Sete Rios.

Description: Close to the main roads into and around Lisbon.

Occupiers: Head offices and back offices for the banking sector.

ZONE 4 – SECONDARY ZONE

Area: From Av. Infante Santo to the Av. 24 de Julho.

Description: Riverside and historic area of Lisbon.

Occupiers: Small businesses in various sectors.

ZONE 5 – PARQUE DAS NAÇÕES

Area: Parque das Nações.

Description: The most recently developed area of Lisbon with excellent transport

and other facilities.

Occupiers: HQs of multi national companies and state services.

ZONE 6 – WESTERN CORRIDOR

Area: Along the A5 motorway, up to Porto Salvo and Alfragide.

Description: A zone on the periphery of Lisbon along the motorway to Cascais.

Supply is generally in office parks.

Occupiers: HQs of multi national and IT companies.

15

Source: Savills / LPI

LISBON OFFICE MARKET - Q1 2020

44,671 sq.m.

Non

Financial

Companies

21,219 sq.m.

Relocation

52%

Take-upMost Dynamic

Business Sector

Best

Performance

Zone

Zone 5

11,848 sq.m.

Q1 2020 vs Q1

2019 (variation)

6.9%

Reason for Letting

16



3,3

72

9,3

40 65

,21

0

19

,83

8

2,7

08

0

41

,77

9

2,9

52

11

,38

1

3,7

95

24

0

11

,84

8

11

,50

7

2,9

48

44

,67

1

Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6 Zone 7 Total Market

Take Up (sq.m.)

2019 2020

1012

4

0

5

12

0

43

5 5

21

6

12

3

34

Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6 Zone 7 Total Market

Number of Transactions

2019 2020

2,952

sq.m.

11,381

sq.m.

3,795

sq.m.

240

sq.m.

Zone 1

Prime CBD

Zone 2

CBD

Zone 3

Emerging

Zone

Zone 4

Secondary

Office Zone

11,848

sq.m.

Zone 5

Parque das

Nações

11,507

sq.m.

Zone 6

Western

Corridor

2,948

sq.m.

Zone 7

Other Zones

Va

riatio

n–

Q1

2

02

0 / 2

01

9

-14

.2%

17

.9%

-71.8

%

+ 2

40 s

q.m

.

-67

.4%

+ 7

6.5

%

+ 2

,948 s

q.m

.

44,671

sq.m.

34

Nº TRANSACTIONS

MARKET TOTAL

TAKE - UP

MARKET TOTAL



Va

riatio

n–

Q1

2

02

0 / 2

01

9

Va

riatio

n–

Q1

2

02

0 / 2

01

9

Va

riatio

n–

Q1

2

02

0 / 2

01

9

Va

riatio

n–

Q1

2

02

0 / 2

01

9

Va

riatio

n–

Q1

2

02

0 / 2

01

9

Va

ria

tio

n–

Q1

2

02

0 /

2

01

9

+ 6.5%

∆ 20/19

- 26.5%

∆ 20/19

18

Source: Savills | LPI


21

14

3 3

1 1

14

8

2

4 4

2

≤ 300 301 to 800 801 to 1.500 1.501 to 3.000 3.001 to 5.000 ≥ 5.001

Number of Transactions (Units) by Interval Area

2019 2020

13

18

9

12

15

2

Expanstion Relocations New Company in Lisbon Area

Reasons for Letting (Units)

2019 2020

19



4,3

01 2

,421

753

535

1,3

85

0

8,2

39

18,8

41

4,8

11

0

505

1,7

09

2,7

52

2,5

38

355

21,2

18

7,3

61

8,2

33

Construction & RealEstate

Consultants & Lawyers State, Europe &Associations

Pharmaceuticals &Healthcare

Other Services Consumer Products Non FinantialEnterprises

Finantial Institutions TMTs & Utilities

Take Up by Business Sector (sq.m.)

Q1 2019 Q1 2020

Non Financial

Companies

Financial Institutions

20

TOP 10 – Deals Done Q1 2020


Market Zone New/Used Building GLA Tenant Business Sector Demand Reason

5 U Novo Banco - Oriente 343 6,164 Randstad Non Financial Enterprises Relocation

6 U Proletariado, 1 5,279 INFOSISTEMA TMT's & Utilities Relocation

2 N Defensores de Chaves, 4 4,576 IdeaiHub Non Financial Enterprises Expansion

5 U Explorer 3,738 Majorel Non Financial Enterprises NA

3 U Green Park 3,638 BNP Paribas Financial Institutions Expansion

2 U Sousa Martins, 10 3,218 Agap2 Non Financial Enterprises Relocation

6 N Alagoa Office & Retail Center - E3 2,892 Santander Consumer Financial Institutions Relocation

2 N Duque de Loulé, 106 2,370 CVT Business Services Pharmaceuticals & Healthcare New Company in Lisbon Region

7 U Rock One 1,718 GMV Non Financial Enterprises Expansion

1 U Joaquim António Aguiar, 19 1,709 Associação de Futebol de Lisboa State, Europe and Associations Relocation


LISBON OFFICE MARKET – Q1 2020

21

STOCK Q1 2020 = 4,259,039 sq.m.

The development of new supply continues to be lower than the dynamic demand that has been verified. However, the promotion of office buildings

begins to show clear signs of increase for the next 3 years.

Zone 2015 2016 2017 2018 2019 Q1 2020

1. Prime CBD 597,767 597,767 595,139 552,918 554,750 571,650

2. CBD 1,096,077 1,096,077 1,096,077 932,622 940,640 940,640

3. Emerging Office Zone 491,247 502,350 501,738 513,850 548,246 537,562

4. Secondary Office Zone 390,225 387,804 418,536 343,472 360,315 357,550

5. "Parque das Nações" 359,149 359,149 361,389 414,618 417,118 417,118

6. Western Corridor 909,036 916,250 916,250 934,946 976,769 965,469

7. Others 768,003 778,524 778,524 463,173 469,050 469,050

TOTAL 4,611,504 4,637,921 4,667,653 4,155,599 4,266,888 4,259,039

Greater Lisbon Offices – Stock (sq.m.)


22


Source: Savills | LPI

Pipeline confirmed

Building Conclusion date Market Zone GLA (sq.m) Pre-Let In negotiation

Castilho 213 Q2 2020 1 1,869

Defensores de Chaves 4 Q2 2020 2 4,576 4,576

Quinta da Alagoa E2 e E3 (old factory of Legrand) Q2 2020 6 6,525 3,000

Quinta da Alagoa E4 Q2 2020 6 2,850

Castilho 50 Q2 2020 1 6,211 6,211

Galerias RITZ Q2 2020 1 2,300

Malhoa 11 Q3 2020 3 6,300

HUB Creativo do Beato Q4 2020 7 11,000 11,000

Monumental Q2 2021 2 18,000 15,000

K Tower Q2 2021 5 15,000 7,000

AGEAS Headquarters Q3 2021 5 17,400 17,400

Building Miniclip Q4 2021 6 3,700 3,700

Building PHC Q3 2021 6 3,700 3,700

World Trade Center Q3 2021 6 25,000

EXEO – Fase 1 2022 5 30,000 9,000

EDP 2 Q1 2022 4 11,400

Colombo 3rd Tower Q4 2022 3 34,000

Metropolis (NOS) To be defined 3 15,000 15,000

Carnaxide Tower To be defined 6 13,770

Total 228,601 76,587 16,000

Pipeline to be confirmed (project phase)

Building Conclusion date Market Zone GLA(sq.m) Pre-Let In negotiation

EXEO – Phase 2 To be defined 5 38,000

Entrecampos To be defined 2 148,480

Metropolis To be defined 3 37,600

Former Fábrica Barros To be defined 5 30,000 30,000

HQ Jerónimo Martins Project Phase - Date conclusion to be defined 3 22,000 22,000

Offices Braço de Prata Project To be defined 7 7,000

Total 283,080 52,000


23

Vacancy Rate Evolution 2006 – 2018


Lisbon Office Market Vacancy Rate Q1 2020: 5.42%

The vacancy rate will continue under strong pressure throughout 2020, due to the scarcity of new supply, in particular the market zones that already have very low vacancy rates: zones

1, 4 and 5.

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2019 Q1 2020

Vacancy Rate

Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6


4.37% 3.4% 3.87% 0.4% 0.69% 12.82%

24



17.5

0 € 1

5.0

0 € 1

2.5

0 €

11.0

0 €

14.0

0 €

12.5

0 €

19.0

0 €

16.0

0 €

12.0

0 €

15.5

0 €

14.5

0 €

13.2

5 €

20.5

0 € 1

8.0

0 € 1

5.5

0 €

15.0

0 €

16.0

0 € 1

3.5

0 €

22.0

0 €

18.0

0 €

17.0

0 €

20.0

0 €

17.0

0 €

13.5

0 €

23.0

0 €

19.7

0 €

16.5

0 €

16.0

0 €

19.0

0 €

15.0

0 €


Prime Rents (€/sq.m.)

Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020

Porto Office Market

26

Source: Savills / PPI

PORTO OFFICE MARKET - Q1 2020

19,123 sq.m.

Non

Financial

Companies

6,181 sq.m.

Take-up

Most Dynamic

Business Sector

Best

Performance

Zone

Boavista CBD

6,713 sq.m.

Q1 2020 vs Q1

2019 (variation)

+ 323%

27



2,448

508 559

70

932

6,713

650

3,600

4,256

3,904

Boavista CBD Baixa CBD Expansion Zones Others in Porto City Out of Town

Take Up (sq.m.)

Q1 2019 Q1 2020

28



202

1,1

19

1,4

32

1,7

64

0 0 0

584

641

1,8

98

0

3,0

00

7,1

40

5,8

86

≤ 150 151 - 300 301 - 800 800 - 1500 1501 - 3000 3001 - 5000 ≥5001

Take Up by Interval Area (sq.m.)

Q1 2019 Q1 2020

3

5

3

2

0 0 0

5

3

4

0

1

2

1

≤ 150 151 - 300 301 - 800 800 - 1500 1501 - 3000 3001 - 5000 ≥5001

Transactions by Interval Area (Units)

Q1 2019 Q1 2020

29



53 0

1,3

84

70

1,2

85

0

1,7

25

0

6,8

92 6

,19

1

5,0

99

33

0

23

3

15

0

13

2

13

2

Take Up by Activity Sector (sq.m.)

Q1 2019 Q1 2020

6

3

4

3

5

8

Relocation Expansion New Company in Porto Area

Reasons for Letting (Units)

Q1 2019 Q1 2020

30



18

.00

€

15

.00

€

14

.00

€

13

.10

€

12

.00

€

18

.00

€

15

.00

€

12

.50

€

14

.00

€

Boavista CBD Baixa CBD Expansion Zones Others in Porto City Out of Town


Q1 2019 Q1 2020

Pipeline

Building Area (sq.m.)

Porto Office Park 31,000

Palácio dos Correios 16,800

Centro Empresarial da Lionesa (Expansion) 45,000

ICON Offices 24,000

Porto Business Plaza 15,500

7.00% 7.00%

6.75% 6.75%

6.50%

6.00% 6.00% 6.00% 6.00%

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

Prime Yield

14

.00

€

Downtown CBD

31

TOP 10 – Deals Done Q1 2020


Market Zone New/Used Building GLA Tenant Business Sector Demand Reason

CBD Boavista N POP - Porto Office Park 5,886 Concentrix Non Financial Enterprises Expansion

Oriental U Heroísmo, 285 3,600 SITEL TMT's & Utilities RelocationOthers in

Porto U Hipercentro 3,540 GKN Automotive Portugal, Lda. Other Services New Company in Porto Area

Matosinhos N Centro Empresarial Lionesa 3,000 Vestas Other Services ExpansionOthers in

Porto U Paços de S. João 716 DefinedCrowd TMT's & Utilities ExpansionCBD

Downtown U Central Park 500 SDL TMT´s & Utilities New Company in Porto Area

Matosinhos N Ivens 352 (Confidential) Other Services New Company in Porto Area

CBD Boavista U Oceanus 330 TeakCapital Construction & Real Estate Expansion

CBD Boavista U Burgo Torre 173 EXADS TMT's & Utilities RelocationCBD

Downtown U Sá da Bandeira, 819 150 AICEP Portugal GlobalState, Europe and

Associations Expansion


Retail Market

RETAIL MARKET - Q1 2020 | SHOPPING CENTERS

33

Source: Savills

SUPPLY

In Portugal, the shopping centers were built between

1995 and 2009, and in 2010 the number of centers

reached a level of maturity, so few have appeared since

then.

Most large and medium cities and towns have at least

one shopping center that covers the retail needs of the

surrounding population.

Currently, the major dynamism of shopping centers

comes from the rebranding and innovation in current

supply.

16%

18%

16%

7%

3%Azores and Madeira

6 Shopping Centers

Greater Lisbon

45 Shopping Centers

Algarve

12 Shopping Centers

Centre

30 Shopping Centers

Greater Porto

25 Shoppings Center

North

26 Shopping Centers

1%

Alentejo

1 Shopping Center

29%

8%Península de Setúbal

10 Shopping Centers

TOTAL STOCK: 4.2 MILLION sq.m.

SHOPPING CENTERS: 3.7M sq.m.

RETAIL PARKS: 383,951 sq.m.

FACTORY OUTLETS: 143,341 sq.m.

RETAIL MARKET – Q1 2020 | SHOPPING CENTERS

34

Source: Savills

North18%

Greater Porto16%

Center16%Setúbal

Peninsula8%

Algarve10%

Azores/Madeira3%

Greater Lisbon29%

Stock Distribution by RegionShopping Centers

Future expansions:

Oeiras Parque

Colombo Shopping Center

Glicínias

Dolce Vita Tejo

79

,77

3

24

3,7

61

18

9,5

58

22

4,4

89

22

8,6

87

20

4,9

29

56

,80

1

12

8,6

14

0

4,5

10

41

,20

0 11

,00

0

0

94

,66

9

0

7,1

00

0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q12020

Total New Area per Year (sq.m.)

RETAIL MARKET – Q1 2020 | HIGH STREET RETAIL

35

Urban regeneration continues to be an important driver

of high street commerce, bringing life to new commercial

spaces throughout Lisbon.

From an action that started in the heart of the city,

focused on the historic centre, commercial spaces

dedicated to the most varied activities are now

multiplying in more secondary streets, turning Lisbon into

a diversified, attractive and 100% cosmopolitan retail

destination.

Source: Savills

RETAIL INVESTMENT MARKET – Q1 2020

90.00 € 90.00 €100.00 € 100.00 € 100.00 €

130.00 € 130.00 €

160.00 € 160.00 €

75.00 € 75.00 € 75.00 € 85.00 €95.00 € 100.00 € 100.00 € 100.00 100.00 €

8.00 € 8.00 € 8.25 € 9.00 € 9.00 € 10.00 € 10.50 € 10.50 € 10.50 €

2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020


Lisbon High Street Retail Shopping Centres Retail Parks

4.75%

3.75%

0

1

2

3

4

5

6

7

8

9

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q12020

%

Prime Yields

Shopping Centres (Net) High Street (Gross)

RETAIL INVESTMENT MARKET – Q1 2020

Source: Savills

MAIN RETAIL INVESTMENT TRANSACTIONS

Asset Buyer NationalityArea

(sq.m.)

Value

(€M)

Q1

2020

50% Sonae Sierra Fund

(Colombo, Vasco da Gama, Cascais and Norte Shoppings included)German/Finland

NA 750.00

Fórum Viseu UK 40,000 40.00

Fórum Castelo Branco Portugal 18,300 20.35

Industrial & Logistics Market

39

Source: Savills

Main Transactions Q1 2020

Asset Area (sq.m.) Tenant

Azambuja 6 42,062 (Confiential)

Aveiras 4 24,331 Carreras

Siemens Sintra Building 4,500 (Confidential)

INDUSTRIAL & LOGISTICS MARKET – Q1 2020 | PORTUGAL

55,783

46,19149,739

28,588

8,152

65,445

57,073

75,99079,061

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

Total Take Up (sq.m.) and Distribution (%) by New Lease and Renewal Contracts

41.28%

58.72%

21.05%

78.95%

85.51%

14.49%

16.02%

83.98%

Renewal

New Lease

100%

64.63%

35.37%

100%

100%

100%

Source: Savills

INDUSTRIAL & LOGISTICS MARKET – Q1 2020 | LISBON MA

3.5

0 €

3.5

0 €

3.5

0 €

3.5

0 €

4.5

0 €

3.0

0 €

3.0

0 €

4.0

0 €

4.0

0 €

3.7

5 €

3.5

0 €

4.5

0 €

3.2

5 €

2.7

5 €

4.0

0 €

4.0

0 €

3.7

5 €

4.5

0 €

6.0

0 €

4.0

0 € 3

.00

€

4.0

0 €

4.0

0 €

3.7

5 €

4.5

0 €

6.0

0 €

4.0

0 € 3

.00

€

Carregado -Azambuja

Póvoa deSanta Iria -

Alverca

Loures MARL- Vialonga

WesternCorridor

Lisbon(Matinha -

Prior Velho)

Montijo -Alcochete

Palmela -Setúbal


2017 2018 2019 2020

10.00% 9.75%

8.00%7.00% 7.00% 7.00% 6.50% 6.25% 6.25%

2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020

Prime Yield

Source: Savills


Take Up by Zone

16.09%

37.13%

8.52%

11.65%

2.08%

7.27%

17.25%

2018

54.01%

10.01%

18.51%

0.67%

2.60%14.19%

2019

83.98%

1.84%6.22%

3.34%4.62%

Q1 2020

Carregado – Azambuja

Axis

Póvoa de Santa Iria –

Alverca AxisLoures MARL - Vialonga Western Corridor

Lisbon (Matinha – Prior

Velho Axis)Montijo – Alcochete Axis Palmela – Setúbal Axis

Main Pipeline & Trends

The current scenario, both in Lisbon and in the rest of the

country, consists of an insufficient supply compared to the

demand, especially of modern assets with installed

technological capacity, being a market opportunity that

begins to be looked by the main players.

An example of this is Merlin Properties, which recently

started the construction of a 45,000 sq.m. warehouse in

Castanheira do Ribatejo (Carregado – Azambuja axis),

which is the largest logistic hub in the Iberian Peninsula.

This project, to be developed in different phases, should

occupy a total of 225,000 sq.m.

Along with the increase in the supply of large logistics

centers, the market lacks available assets to install last

mile distribution platforms, so the interest in more

central locations will increase the values of prime rents

in the most densely populated regions.


Residential Market

RESIDENTIAL MARKET – Q1 2020 | PORTUGAL

44

The cities of Lisbon and Porto, and the

region of Algarve, registered higher average

prices comparing with Portugal as a whole;

The transactions of 2nd hand units are the

main cause of the lower average prices,

once the supply of new units is still very

scarce in the main cities and regions of the

country.

3,524(€/sq.m.)

Used

3,921(€/sq.m.)

Average

5,793(€/sq.m.)

New

1,993(€/sq.m.)

Used

2,294(€/sq.m.)

Average

3,145(€/sq.m.)

New

Lis

bo

nC

ity

Port

o C

ity

Closed Prices

1,747(€/sq.m.)

Used

1,799(€/sq.m.)

Average

2,319(€/sq.m.)

NewAlg

arv

e

1,623(€/sq.m.)

Used

1,734(€/sq.m.)

Average

2,973(€/sq.m.)

NewPo

rtu

ga

l

Source: SIR analysed by Savills Research

RESIDENTIAL MARKET – Q1 2020 | LISBON MA

45

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

35,00%

40,00%

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Variation Y

oY

€/s

q.m

.

Closed Prices and Variation YoY in the Cities of LMA

Q1 2019 Q1 2020 ∆

The cities of Lisbon Metropolitan

Area (LMA) witnessed a general

increase in residential closed

prices of 18.95% in Q1 2020,

comparing with the same period of

2019;

The city of Montijo stood out again

for being where the value most

increased, around 34.36%;

Lisbon, Cascais and Oeiras are

above the region's average prices.

Palmela, Barreiro and Moita are at

the bottom of the list, but both with

higher values than in the previous

year.


RESIDENTIAL MARKET – Q1 2020 | LISBON CITY

46

5,751(€/sq.m.)

Santo António

4,957(€/sq.m.)

Estrela

4,944(€/sq.m.)

Campolider

To

p 3

€/s

q.m

.

45%Campolide

28%Marvila

22%Alcântara

To

p 3

Va

ria

tio

n

-20,00%

-10,00%

0,00%

10,00%

20,00%

30,00%

40,00%

50,00%

0

1000

2000

3000

4000

5000

6000

7000

Variation Y

oY

€/s

q.m

.

Closed Prices and Variation YoY in the Parishes of Lisbon City

Q1 2019

Q1 2020

∆


RESIDENTIAL MARKET – Q1 2020 | PORTO MA

47

The cities of Porto Metropolitan

Area (PMA) witnessed a general

increase in house prices of 14.85%

during the Q1 2020, comparing

with the same period of previous

year;

The city of Trofa stood out for

being where the average value

most increased compared, with a

variation of 34.05%;

Porto and Matosinhos are above

the region's average, with São

João da Madeira and Santa Maria

da Feira at the bottom of the list,

but all of them registered an

increase of the average prices in

the analysed period. Source: SIR analysed Savills Research

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

35,00%

40,00%

€0

€500

€1.000

€1.500

€2.000

€2.500

Variation Y

oY

€/s

q.m

.

Closed Prices and Variation YoY in the Cities of PMA

Q1 2029 Q1 2020 ∆

The other cities of the PMA not included in the graphic above, did not registered any transaction in Q1 2020

RESIDENTIAL MARKET – Q1 2020 | PORTO CITY

48

2,902(€/sq.m.)

MP Cedofeita, Sto.

Ildefonso, Sé, Miragaia,

S. Nicolau and Vitória

2,866(€/sq.m.)

MP Aldoar, Foz do

Douro and Nevogilde

2,687(€/sq.m.)

MP Lordelo do Douro

and Massarelos

To

p 3

€/s

q.m

.

25%Paranhos

17%MP Aldoar, Foz do

Douro and Nevogilde

16%Campanhã

To

p 3

Va

ria

tio

n


0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

0

500

1000

1500

2000

2500

3000

3500

MP Cedofeita, StoIldefonso, Sé,

Miragaia, S Nicolauand Vitória

MP Aldoar, Foz doDouro andNevogilde

MP Lordelo do Ouroand Massarelos

Average Paranhos Bonfim Ramalde Campanhã

Variation Y

oY

€/s

q.m

.

Closed Prices and Variation YoY in the Parishes of Porto City

Q1 2019

Q1 2020

∆

Tourism & Hospitality Market

2.381.300 4.709.300

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

7.090.700

Overnights Jan-Feb 2020

National International

1.435.900 1.577.900

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

3.013.900

Guests Jan-Feb 2020

National International

TOURISM MARKET – JANUARY TO FEBRUARY 2020 | PORTUGAL

50

Source: Travel BI analysed by Savills Research

The number of guests in the first 2 months of 2020 was

plus 14% comparing with the same period of 2019,

with an equilibrium of national and international

visitors, particularly Spanish, British and Brazilians,

who together represent 38.6% of the guests between

January and February 2020;

Foreign visitors' overnight increased 11%, while

domestic tourists registered over than a double growth

rate comparing with the international (19% and 8%

respectively).

15,6% 11,3% 11,1%

16,8% 11,7% 10,5%

+18% +10%+14%

+11% +19% +8%

TOURISM MARKET – JANUARY TO FEBRUARY 2020 | PORTUGAL

51


26.6

29.7

16.6

12.9

Total Hotels Local Accommodation Other alternativesegments

RevPar (€)

+4.9% +6.4% +0% +9.6%

34.90%

65.10%

Occupancy Rate (Bed)

Occupied

Vacant

47.50%

52.50%

Occupancy Rate (Room)

Occupied

Vacant

563.000 646.300

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

1.209.300


Nationals Internationals

388.700 314.300

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

702.900

Guests Jan-Feb 2020


TOURISM MARKET – JANUARY TO FEBRUARY 2020 | NORTH

52


Spanish, Brazilian and French tourists together

account for 49.4% of the guests, and 53.6% of

overnight stays by foreign citizens in the north region,

where, unlike the national average, the majority of the

guests were domestic. However foreign citizens

continue to be responsible for most overnight stays in

the region;

On average, each tourist stayed 1.72 nights in the

northern region; 1.45 in the case of domestic

tourists, and 2.10 in the case of foreigners.

25.3% 14.4% 9.7%

22.5% 20.8% 10.3%

+14% +21%+17%

+18% +15% +21%

47.000.000 16.700.000

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

63.700.000 €

Global Profits

Hotels Others

TOURISM MARKET – JANUARY TO FEBRUARY 2020 | NORTH

53


RevPar

Total:

€25.7

+ 8.0%

Hotels:

€30.0

+ 8.2%

+14% N.A.+16%

35.30%

64.70%


Occupied Vacant

45.70%

54.30%


Occupied Vacant

578.900 1.617.700

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2.196.500



348.600 671.900

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

1.020.500

Guests Jan-Feb 2020


TOURISM MARKET – JANUARY TO FEBRUARY 2020 | LISBON MA

54


13.3% 12% 9.6%

15.3% 10.7% 9.8%

+15% +7%+9%

+8% +14% +6%

Brazilian, Spanish and French tourists together

represent 34.9% of the guests, and 35.8% of overnight

stays by foreign citizens in Lisbon Metropolitan Area,

where there is a lower concentration of the three main

emitting markets, synonymous of dispersion of

nationalities visiting the Lisbon area;


region of the Lisbon Metropolitan Area; 1.70 in the

case of domestic tourists, and 2.40 in the case of

foreigners.

123.800.000 14.300.000

84% 86% 88% 90% 92% 94% 96% 98% 100%

138.100.000

Global Profits

Hotels Others

TOURISM MARKET – JANUARY TO FEBRUARY 2020 | LISBON MA

55


+5% N.A.+6%

RevPar

Total:

€44.5

+ 4.1%

Hotels:

€48.6

+ 4.4%

42.60%

57.40%


Occupied Vacant

56.80%

43.30%


Occupied Vacant

290.800 1.333.600

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

1.418.400



127.000 241.900

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

368.900

Guests Jan-Feb 2020


TOURISM MARKET – JANUARY TO FEBRUARY 2020 | ALGARVE

56


27.2% 17.6% 10.8%

29.8% 16% 13.6%

+28% +8%+15%

+10% +28% +6%

English, Spanish and German tourists together

account for 55.6% of the guests, and 59.4% of the

overnight stays by foreign citizens in the Algarve

region, where there is a large concentration of English

tourists, who alone represent 1/3 of the total number of

foreign tourists in the area;


Algarve region; 2.30 in the case of domestic

tourists, and 5.50 in the case of foreigners.

52.500.000 2.600.000

92% 93% 94% 95% 96% 97% 98% 99% 100%

55.100.000

Global Profits

Hotels Others

TOURISM MARKET – JANUARY TO FEBRUARY 2020 | ALGARVE

57


+9% N.A.+10%RevPar

Total:

€17.4

+ 13.0%

Hotels:

€18.0

+ 12.5%

26.50%

73.50%


Occupied Vacant

41.30%

58.70%


Occupied Vacant

Thank YouFrom our team Savills Portugal

Praça Marquês de Pombal 16, 7º

1250-163 Lisboa

+351 21 313 9000

Praça Mouzinho de Albuquerque 113, 3º

4100-359 Porto

+351 22 120 1387

[email protected]

savills.pt

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