CBRE opens regional Algarve office

The real estate consultant CBRE has opened a regional office in the Algarve in a bid to get closer to local clients and sector players.

In an interview with Observador, the multinational company’s Portugal Business Developer, Gilberto Martins said that CBRE and Neoturis say they took the decision to open the office during the pandemic to be closer to both players and clients.
The decision was taken before the pandemic after having worked the Algarve market for several years, but from the Lisbon office in Amoreiras.
CBRE says it has been involved in various relevant projects such as W Algarve and Vilamoura World, in addition to some tourism development transactions but felt the need to have a constant on-the-ground presence with a local team to get closer to clients and get a grasp of the market and its conditions quicker.
At the same time, it also wants to build a closer relationship with local players and access to information in order to take more informed decisions about their assets.
CBRE says that it currently has 7 assets under commercialisation which represent over 80,000m2 of construction.
This includes residential, tourist and retail.
“We are going through a period of great uncertainty and this is making the market more prudent in decision making which is particularly true of green field sites.
Nevertheless, prime sites seem to continue to attract attention.
In processes underway, there seems to be more interest in operational assets which need investment to repositioned in the future.
“There is a perception of a greater interest in assets with these characteristics which hold out the possibility of gaining in value in the next few years,” says Martins.
CBRE has also received interest from first comers which shows a faith in the structural dynamic of the Algarve as a destination.