You lose to inflation.

It's tough to know if you're at the peak of the market or if it will keep rising.

It allows them to take profits in the fall and rise again of their stocks.

Or maybe we'll hit a period of inflation, which will force their hand. 

It's great to see more and more portuguese people awakening to the Real Estate wealth building power, and hopefully treating it like a real business.With that said, I would say Porto is a really over-valued market to buy (right now) which makes it a lot more risky, the same goes for Lisbon and a few other cities that have been experiencing high and continuous rises in RE prices.I would recomend you trying to look into some underpriced markets with great potencial growth. 

Can you get an interest rate that is comparable (interest rates are rising)?

Protecting your money from losing value from inflation!

As rates rise I’m wondering if it makes more sense to refi and pull the entire amount for future projects (around 200k) or setup at HELOC.

You don't have to care if prices rise or fall, you can self-manage, and know that in good times and bad, you will have a relatively stable source of income that might vary by a few percentage points, but probably won't give you any trouble.

I used airdna to monitor the market before our purchase and those numbers that I went off of were a prime covid year, so the 80% occupancies that i was seeing was super inflated.