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residential Market News: Spanish Real Estate Intelligence

Mortgage Lending at Nine-Year High
15 August 2019 Portugal’s granted €4.931 billion in mortgage loans I the first six months of this year, equivalent to €27 million per day, according to data from the Bank of Portugal (BdP). Lending is at its highest level since 2010, when more than five million euros were lent. Mortgage lending totalled €849 million in June, down from €927 million in May, when the total amount of loans exceeded the 900 million euro mark for the first time December 2018. Original Story: Idealista Adaptation/Translation: Richard D. K. Turner
 
Portugal’s Treasury Clarifies Tax Implications of Switch to SIGI
12 August 2019 Portugal recently approved the regulatory framework for Real Estate Investment and Management Companies (SIGI), the country’s answer to Spain’s socimis and REITs in the US and the UK. However, there have been questions regarding any possible tax events being generating by the conversion of investment funds and corporations into the new structure. In answer, Portugal’s tax authorities issued a note stating that the switch from one to the other will not incur any taxes on the transfer of assets, as there is no actual transfer of assets. In other words, the company remains the same, just under a new regulatory structure. Original Story: Idealista Adaptation/Translation: Richard D. K. Turner  
 
U-World to Invest €67 Million to Develop Student Residences with 1,600 Beds
12 August 2019 U-World, a Portuguese student housing firm, is looking to begin construction on a student residence in Braga, its first development under the U-Loft brand. The company is simultaneously planning a second investment, this time in Coimbra, where it recently signed an agreement to acquire a plot of land nearby to the local university. A third project to set to go ahead in Aveiro, as U-World is planning a total investment of 67 million euros to build 1600 beds. The Braga project will consist of 230 flats, ranging from studios, 80% of the total, to four-bedroom flats, with a total of 368 beds. Construction on the 20-million-euro project is set to begin shortly and conclude at the end of 2020. U-World has already sold 39% of the units sold, many to Brazilian investors. The firm plans to charge around 250 to 300 euros for a 15-m2 studio. Original Story: Dinheiro Vivo - Sónia Santos Pereira Photo: D.R. Adaptation/Translation: Richard D. K. Turner