Portugal drawing property investors once more

[LISBON] Property investors are returning to Portugal, bolstered by signs of an economic recovery and the approaching end of the country's bailout programme, according to broker Cushman & Wakefield Inc.

Spending on commercial real estate tripled to 322 million euros (S$554 million) in 2013 compared with a year earlier, Eric van Leuven, managing partner at Cushman & Wakefield in Portugal, said at a press conference in Lisbon yesterday. Home sales in Lisbon increased 40 per cent in the first nine months of 2013 from the whole of 2012.

"There is more interest and a greater willingness to invest in real estate in Portugal," Mr van Leuven said. "There were a lot of people hiding their money under the mattress, waiting for an opportunity."