Energy was seen only as an operating cost, something secondary. Today, this reality has changed clearly and structurally. Energy has become one of the main factors in the appreciation of real estate assets and a decisive element in attracting international investment.

I only started working directly in this sector this year, after being invited to connect real estate to renewable energies. In a short time, it became evident that this theme is no longer theoretical. It is at the heart of the decisions of investors, asset managers and large occupiers, both in Portugal and abroad.

Portugal is now in a rare position in Europe. We have never had such abundant, competitive energy based on renewable sources. This advantage is not only environmental. It is economical. And it is beginning to reflect directly on the value of real estate assets.

Data centers are perhaps the clearest example. These are infrastructures that consume huge amounts of electricity and that only make sense in countries where energy is stable, competitive, and green. That is why Portugal has entered the radar of the large international operators. Land and buildings with guaranteed access to the electricity grid and renewable energy have become worth more and attract capital that previously looked only at northern European markets.

In logistics, the logic is similar. Modern warehouses are no longer evaluated only by their proximity to highways or ports. The ability to produce energy on-site, reduce costs, and meet environmental goals has become a decision factor. For institutional investors, this means lower risk, greater predictability, and greater long-term value.

In the industrial sector, the link between energy and competitiveness is even more direct. Many industries can only operate in Europe if they have access to energy at competitive prices. Portugal can offer that. As a result, well-located and energy-efficient industrial assets are becoming more attractive to international companies and investment funds.

Even in residential real estate, where this discussion came later, the impact is already visible. Energy-efficient buildings, with lower consumption and sustainable solutions, are easier to finance, more sought after by tenants and more valued by investors. Energy has come to directly influence the price, risk, and liquidity of assets.

What has changed is the way capital looks at real estate. Energy is no longer a technical detail and has become a strategic criterion. Portugal has a clear opportunity here. If it can ensure regulatory stability, efficient licensing, and continuity in energy policies, it can strengthen its position as a new generation real estate investment destination that is more sustainable, more competitive, and more aligned with the future of the European economy.