€1.4 billion poured into Portuguese commerce in the first half of 2026. This is 13% more than the result of the same period a year earlier. Record from 2020.

But the main news is not the amount, but where the capital goes. Hotels and logistics ate up nearly 58% of investment in the second quarter. Investments in the hotel increased by 82% compared to last year.

Institutional money stops buying apartments. They go to management companies, tourism operators and infrastructure. Investors should look not only at assets, but also at businesses around them. Revenues from deals have held steady, suggesting the sector's long-term prospects.