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residential Market News: Spanish Real Estate Intelligence

Porto City Council to Build 170 Subsidised Homes
13 June 2019Richard D. K. Turner According to an article on Idealista, the Porto City Council is planning on building 170 homes on a 19,000 square meter plot of land next to the Ipanema Park hotel, in the parish of Lordelo do Ouro. The municipality intends to invest up to 19 million euros in the project. The plan is to place the homes on the rental market at subsidised rates. Construction on the new, middle-class development is expected to start at the beginning of 2021. The planned monthly rent for a two-bedroom home is 400-500 euros. Original Story: Idealista  
 
Portugal’s Banks Issue Over €3 Billion in Mortgages in 1Q19
13 June 2019Richard D. K. Turner Portugal’s banks loaned €804 million in residential mortgages in April, for a quarterly total of €3,155 billion, up from the 2,969 billion euros granted in the first four months of last year. That increase nevertheless represents a slowdown in the growth of loan issuance.  The macro-prudential measures introduced almost a year ago have been slowly lowering the pace of growth. Housing prices are also expected to grow at a slower pace. Original Story: Idealista
 
Mexto Begins Work on Ninth Development in Lisbon
4 June 2019Richard D. K. Turner Mexto, a boutique Swiss property investment firm, is beginning work on a new residential development in the Portuguese capital. The luxury apartment building is located at Rua Rodrigo da Fonseca 43, close to the Marques de Pombal in Lisbon. The developer expects to complete work on the building during the first semester of 2021. The structure was originally built in the 19th century. The property’s eight flats will have a garden and swimming pool, along with allocated private parking and storerooms. The development will consist of six floors, with three- to four-bedroom flats with areas ranging from 140 m2 to 290 m2. The two upper floors will have two duplexes (one 3-bedroom and one with four bedrooms). Mexto’s portfolio of residential assets in central Lisbon already has nine properties. Three have already been completed. Original Story: Construir