PORTUGAL LAW AND PRACTICE Contributed by: João Gonçalo Galvão, Carolina Cardoso Alves and Miguel Paquete, CS’Associados
CS’Associados Avenida da Liberdade, 249,
8.º andar, 1250-143 Lisboa Tel: +351 211 926 800 Email: sofia.patricio@csassociados.pt Web: www.csassociados.pt/en/
1. General 1.1 Main Sources of Law
Retail was the main trending sector, represent - ing approximately EUR1,130 million, with deals involving shopping centres and supermarkets. The hotel sector represented 20% of investment, with high-profile assets changing hands. The office sector was less active but should continue gaining momentum, with the take-up of office spaces and flexible office policies. 2025 is viewed optimistically despite the many uncertainties. Inflation and interest rate policies continue to be key factors amid geopolitical tensions, adjustment of economic strategies, increased energy and construction costs, and tariff battles. Other trends such as ESG and sustainability, digitalisation and the AI revolution are expected to continue changing the way real estate is built and used. 1.3 Proposals for Reform Recently, the legal framework for territorial man - agement instruments was amended to create a special regime that allows for the reclassifying of urban land where construction was previously forbidden by urban planning instruments, limited to cases where the construction purpose is resi -
The Portuguese Civil Code (CC) is the main source of real estate law, stipulating the types and features of property rights, as well as the rights, charges and encumbrances affecting ownership. The CC also regulates the main aspects of leases, as supplemented by the New Urban Lease Regime (NRAU) and the New Rural Lease Regime. Also set forth in the CC are the provi - sions that govern co-ownership of real estate assets, as well as the condominium regime and the fundamental aspects of construction agree - ments. Other important sources include several pieces of legislation on housing, protection of cultural heritage, as well as the construction and licens - ing of properties. 1.2 Main Market Trends and Deals 2024 was a positive year for commercial real estate, with investment reaching approximately EUR2,370 million, a 47% increase over 2023.
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