Despite global economic uncertainty and geopolitical instability, the Portuguese market continues to attract high-net-worth private investors, particularly Spanish family groups that see Portugal as a stable market with high appreciation potential.

"The appetite for hotel investment in Portugal remains stable, given the investment volumes recorded," said Gonçalo Garcia of C&W. Among the largest transactions completed so far in 2025, the Anantara Vilamoura and Cascais Miragem hotels stand out.

According to JLL, the figures confirm "continued investor interest in the sector and reflect the robustness of the Portuguese tourism market," emphasized Augusto Lobo, head of the consultancy's capital markets department.

CBRE goes further and projects that hotel investment will exceed 600 million euros by the end of the year, a figure higher than that recorded in 2024. According to José Maria Coutinho of CBRE, 71% of the investment continues to be secured by international investors, and Portugal appears for the first time at the top of European investors' preferences.

Spanish family offices, many of which already have a consolidated presence in Portugal, have shown a growing appetite for assets in prime locations, focusing on long-term strategies. At the same time, there is also increasing interest from individual investors in North and South America, motivated by the sector's resilience and Europe's relative stability.

Pedro Simões of Savills highlighted that the hotel sector represented approximately 20% of national real estate investment in 2024, with €486 million out of a total of €2.4 billion, and that estimates for 2025 point to "a growing share," with a 16% year-on-year increase in the first half of the year.

Sustained tourism growth, especially from the US, has been fundamental to this attractiveness. North American tourists are currently notable for their growth in both numbers and average spending in Portugal.

This favourable environment has also stimulated the construction of new properties. C&W estimates approximately 110 new hotel projects scheduled to open by 2028, of which 30 are expected to open in the second half of 2025. The vast majority will be 4- and 5-star hotels. JLL reports a total of 115 projects under development, 71 of which are already under construction, with a total of 12,172 rooms. CBRE also confirms the opening of 25 units in 2025 (approximately 2,800 rooms), with at least 11 more openings scheduled by the end of the year.

Despite some delays caused by licensing processes, the consultancies guarantee there are no cancellations due to the economic climate. The pipeline of new projects remains solid: Lisbon leads with 3,300 rooms under development, followed by the Algarve (3,000) and the North Region (2,000).

With promising prospects for the second half of 2025, the Portuguese hotel market demonstrates robustness and resilience, consolidating its position as one of the most attractive investment destinations in Europe, both for large international funds and for private investors and family groups, especially those of Spanish origin.