JLL expands Portuguese presence

JLL is expanding its presence in Portugal, as confidence in the country’s housing market continues to improve.

The firm has acquired Cobertura SA, one of Portugal’s market-leading agencies specialising in the country’s prime residential sector. Established in 1987, Cobertura has a “strong track record”, says JLL, highlighting its “particular strength in high-end apartment sales”.

The agency has 20 full-time employees and an additional network of 25 specialist residential advisors. The acquisition takes immediate effect with Cobertura SA being fully rebranded as JLL by mid-2016, with the combined business continuing to operate from the existing JLL and Cobertura offices in central Lisbon and Sintra.

Pedro Lancastre, Managing Director, JLL Portugal, says: “Since JLL entered the residential market in Portugal early last year, our team, led by Patricia Barão, has achieved great growth momentum winning some terrific mandates, notably here in Lisbon. Putting that together with Cobertura’s well established business, extensive client base and outstanding market knowledge, we have a powerful business combination.”

JLL’s expansion continues as confidence improves in the country’s housing market. Indeed, the latest RICS/Ci market survey shows that the national confidence indicator remained at +33 in November 2015, up from +30 in the previous month, marketing the 25th month in a row that sentiment has been in positive territory.

RICS Chief Economist, Simon Rubinsohn, comments: “The results of the November survey continue to show a further steady improvement in housing market activity. With employment rising, mortgage rates falling and demand for credit growing, the fundamentals appear to be in place for this to be sustained going forward.”