Month: August 2019

Portugal’s SPPTH Wins Public Auction for Concession to the Carmo Convent in Moura

29 August 2019

Portugal’s SPPTH, a firm specialising in hotel development, has won the public auction, held under the Revive program, for the Carmo Convent in Moura. The firm won a 50-year concession to build and manage the property, where it intends to invest a total of six million euros.

The convent, which was originally built in 1251, will be converted into a 50-room, four-star hotel, scheduled to open in 2022. So far, the nine tenders awarded under the Revive program represent a total investment of €68 million.

Original Story: Jornal de Negócios – Pedro Curvelo

Adaptation/Translation: Richard D. K. Turner

 

China’s EMGI to Invest €300 Million in Major Mixed-Use Development in Lisbon

29 August 2019

The EMGI Group has acquired a significantly sized plot of land in Alcântara, called Encosta da Tapada, and plans to invest a total of 300 million euros in a mixed-use development.

The approximately 14-hectare plot of land is located next to the former Alvito Quarry, in Alcântara, Lisbon. The Encosta da Tapada project consists of a mixed-use development with 87,000 square meters of flats, 22,000 m2 of offices and 11,000 m2 of shops, along with 900 parking spaces.

About 25% of the total 550 planned apartments will participate in the Portuguese government’s Affordable Rental program, an initiative that provides tax incentives to developers to create below-market rental housing.

The Chinese investor group is currently investing in six other real estate projects in Lisbon.

Original Story: Economia Online – Leonor Mateus Ferreira

Adaptation/Translation: Richard D. K. Turner

 

Growth in Confidencial Imobiliário’s Real Estate Pipeline Index Slows to 11%

29 August 2019

According to Confidencial Imobiliário’s Real Estate Pipeline Index (IPI), which measures the pace of planned new residential real estate development projects, the total surface area for residential construction projects licensed in Portugal increased by 11% in the second quarter of this year.

“This is the lowest figure since early 2015, when the residential pipeline entered a significant growth cycle, with year-on-year increases almost always between 30% and 50%…” the firm stated, adding that, since its nadir 2014, the residential pipeline in the country grew by a cumulative 400%.

Original Story: Dnotícias.pt / Lusa

Adaptation/Translation: Richard D. K. Turner

Aquila Capital to Invest €88 Million in Green Logistics Project North in Azambuja

26 August 2019

Aquila Capital, a German fund which invests in sustainability-related assets such as renewable energy, social housing, green logistics, timber and agriculture, announced that it would develop a 115,000-m2 “green” logistics project in Azambuja – 35 km north of Lisbon. The German fund will invest approximately 88 million euros and start construction in early 2020.

Aquila stated that the logistics units will be sustainable and have photovoltaic panels installed on every roof.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Sonangol Looks to Quickly Sell Off Two Real Estate Assets in Portugal

26 August 2019

Sonangol announced that it would like to quickly sell off two properties in Portugal. The first is a building located on Avenida da República, next to Saldanha, in Lisbon, while the second is a former convent in Setúbal. The Angolan state-owned oil company wants to receive offers from parties interested in the former by September 10, sign the contract five days later and finalise the sale by the end of December.

The building located at Avenida da República, in numbers 5 to 7, was bought in 2009 by Sonangol, through a subsidiary, for 38.5 million euros.

Sonangol is also looking to sell the former Brancanes convent in Setúbal. Interested parties must submit their proposals by September 15.

Original Story: Jornal de Negócios – Pedro Curvelo

Adaptation/Translation: Richard D. K. Turner

Twelve Million Guests Stay in Portuguese Hotels in First Semester of 2019

26 August 2019

More than 12 million guests stayed in Portuguese hotels in the first half of this year, for a total of 30.6 million overnight stays, a growth of 7.6% and 4.7%, respectively, according to the latest data from the National Institute of Statistics (INE). The figure represents an increase of more 857,000 tourists compared to the first semester of 2018.

In the month of June, the number of guests staying at Portuguese hotels rose by 9.7% to 2.7 million, while overnight stays increased by 5.6% to 7.1 million. Revenues jumped by 11.8% to € 446 million.

Portuguese tourists accounted for 2.1 million overnight stays in the first half of the year, an increase of 11.6% y-o-y. Foreign tourists accounted for 70% of overnight stays, and the British accounted for almost 22%.

Original Story: Jornal Expresso – Conceição Antunes

Photo: Gonçalo Rosa Da Silva

Adaptation/Translation: Richard D. K. Turner

Production in Portugal’s Construction Sector Increases by 1.4%

26 August 2019

Production in the construction sector grew by 1.4% in June, compared to the same month last year, more than the average for the Eurozone (1%) and the European Union (0.6%).

According to Eurostat, the largest increases were in Romania (+23.3%), Hungary (+20.2%) and Slovenia (+5.5%). The largest decreases were in Slovakia (-2.1%), the United Kingdom (-2.0%) and Sweden (-0.9%).

Month-to-month, however, average production in the construction sector fell by 1.4% in Portugal, compared to 0% for the eurozone and -0.3% for the EU as a whole.

Original Story: Diário Imobiliário / Lusa

Adaptation/Translation: Richard D. K. Turner

The Number of Visitors to the Algarve Rises by 9.3%  

26 August 2019

According to Turismo de Portugal, 2.17 million guests spent 8.62 million overnight stays in the Algarve, in the first six months of the year, for total revenues of 431 million euros.

The number of Portuguese tourists rose by 12.8%, while overnight stays increased by 11.3% compared to the year before.

Arrivals of foreign tourists grew by 8% and by 1.5% for overnight stays to 6.91 million.

Reversing a recent trend, the number of British visitors 6.8% to 548,600, while overnight stays rose by 1.9%.

Original Story: Diário Imobiliário / Lusa

Adaptation/Translation: Richard D. K. Turner

Cristiano Ronaldo Acquires 7-Storey Apartment Building in His Hometown, Funchal

26 August 2019

Cristiano Ronaldo has acquired a 7-storey building in Funchal, the capital of Madeira, his hometown. The apartment is located in the vicinity of Carvalho Araújo street and has six above ground floors and an underground floor for parking. The footballer is apparently giving two of the upper floors to his mother, Dolores Aveiro, and his brother, Hugo. Further details of the transaction were not revealed.

Sources say that Ronaldo is considering using the other five floors as short-term tourist rental flats, given the building’s strategic location, halfway to the Monumental Estrada, an area with many luxury hotels.

Original Story: ABC – Francisco Chacón

Adaptation/Translation: Richard D. K. Turner

Mortgage Lending at Nine-Year High

15 August 2019

Portugal’s banks granted €4.931 billion in mortgage loans in 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 billion 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