Special focus: Real Estate 2017 Special focus Real Estate 2017 | Page 5

Special focus : Real Estate it with interest ,” says VdA Vieira de Almeida partner Pedro Ferreirinha . Meanwhile , Uría Menéndez partner Duarte Garin highlights the fact that Portugal is “ no longer under threat of intervention or an exit from the Euro , and it [ Lisbon ] is a European capital which offers strong yields ”. He continues : “ Added to regulatory improvements and VAT incentives , it makes Portugal , and Lisbon in particular , a high-demand , trendy destination .”
Gaining momentum In this highly-competitive market , the main challenge is finding the right product to buy , and competitive bids have become the norm . Investors are targeting the full range of real estate assets , including shopping centres , hotels , business premises , offices and residential blocks . “ The Portuguese property market is experiencing unparalleled momentum , with important transactions taking place across all its sectors , notably housing , tourism and retail ,” remarks Cuatrecasas partner Nuno Sá Carvalho .
The Portuguese real estate market is also benefitting from political instability

Large and uncertainty in other jurisdictions , some of which , such as Brazil , have strong historical connections with the country . “ There is a new wave of Brazilian investors with the money to buy who are looking to escape political and economic pressures in Brazil ,” remarks DLA Piper-ABBC partner Luís Filipe Carvalho . Indeed , investors from all around the world are now targeting the Portuguese real estate sector , according to Nuno investors are now coming to Portugal , prices are increasing and many investors are looking for opportunities .
Tiago Castro

PLMJ ”

Sá Carvalho . He adds that , due to a range of economic and political factors , Portuguese assets are in demand among different types of international investors , which include individuals , corporations ,
institutional investors , family offices , foreign investment funds and opportunistic investors . “ They come from all over the world , including Thailand , South Africa , the US , China , Middle East , Brazil and Europe .”

Commercial real estate asset transactions driving growth at Portuguese law firms

Rising demand for commercial real estate assets in Portugal is generating instructions in a wide range of practice areas for Lisbon ’ s largest law firms , says Nuno Sá Carvalho , partner at Cuatrecasas in Lisbon .
“ So far , 2017 has met expectations and is consolidating the growth cycle that started in recent years ,” Sá Carvalho says . “ Due to a number of international , economic and political reasons , assets in Portugal have been in considerable demand among a range of different international investors .” Sá Carvalho adds that , international investors are attracted to commercial real estate assets in particular , with a number of notable transactions currently in progress . He adds that some opportunistic investors that purchased assets years ago at the beginning of the economic recovery are now selling those assets to institutional investors . Sá Carvalho says that , such is the momentum in the Portuguese property market , significant transactions are taking place in all sectors , particularly housing , retail and especially tourism .
However , commercial assets such as shopping centres are also considered by investors to be of a high quality and have performed well in terms of yields , management and tenants , says Sá Carvalho . He adds : “ The residential sector has also been performing very well , not only because of the significant number of transactions , but because of the selling prices that have been reached .”
Sá Carvalho says the bigger law firms in Portugal are some of the main beneficiaries of these trends as they are finding that these types of commercial real estate asset transactions offer considerable opportunities as they generate a substantial amount of work for different practice areas , in particular , real estate , corporate and M & A , as well as tax and financing . “ Law firms are asked to set up multidisciplinary , tailor-made teams .”
Nuno Sá Carvalho
www . iberianlawyer . com September / October 2017 • IBERIAN LAWYER • 51