Month: September 2020

Portuguese Families Buying Homes in Quinta do Lago

29 September 2020 – Sales of flats in the luxury real estate development Quinta do Lago to Portuguese families accounted for just 4% of the total in 2018. Last year, that figure had already risen to 16%, and now, with the pandemic leading people to flee city life, the percentage is up to 30%.

The Quinta do Lago estate is located within the Ria Formosa Natural Park in the Algarve and counts as one of Europe’s most prestigious residential and golf developments. The low-density housing project offers a wide range of sporting activities and various restaurants.

The resort’s homes include San Lorenzo North, the resort’s most exclusive area. The 26 plots of land have no restrictions on the type of housing built and have views of the lake, golf course or pine forest. The properties have between 2,000 and 3,000 square metres, with permission to build a two-floor home on 25% of it. Prices for the land, not including construction costs, start at 2.9 million euros, an increase of 26% since the development was launched in 2012.

Original Story: Diário Imobiliário – Vanessa Sousa

Translation/Summary: Richard D. Turner

Acciona Wins Contracts to Build Two Projects in Greater Lisbon

29 September 2020 – Acciona has been awarded two contracts to construct developments in the greater Lisbon area. The two projects consist of the Municipal Forum, which was commissioned by the Oeiras City Council for approximately 45 million euros, and the Gestilar Residences Miraflores, commissioned by the Gestilar group, for another €26 million.

The Oeiras City Council plans to use the 16,000-m2 Municipal Forum as its new headquarters, with its inauguration scheduled for 2022. The development also includes a tower with a gross construction area of 45,065 square metres. The Miraflores Residences will consist of 111 flats, with construction forecast to take almost two years.

Original Story: Jornal Económico – Rodolfo Alexandre Reis

Translation/Summary: Richard D. Turner

Vanguard to Invest €25 Million in Luxury Flats in Lisbon

29 September 2020 – The luxury real estate developer, Vanguard Properties, which also owns the Herdade de Comporta, will invest 25 million euros to build two luxury five-floor apartment buildings in Graça, Lisbon.

Terraços do Monte consists of 6,000 m2 of surface area located on Rua Damasceno Monteiro in Lisbon. The development will have 28 one- to four-bedroom flats. The buildings will also have a shared pool, gym, health club, concierge service and a 63-car park.

The ARX Portugal architecture studio designed Vanguard’s new development. Construction will begin in 2021, lasting for two years, while sales are forecast to start in 2021.

Original Story: Jornal Económico – António Vasconcelos Moreira

Translation/Summary: Richard D. Turner

BCP to Sell €750 Million in Assets

28 September 2020 – Millennium bcp is preparing to sell two portfolios with assets totalling approximately 750 million euros. The assets include a €300 million portfolio of non-performing loans and another portfolio consisting of corporate debt and real estate worth about €450 million. An article in the Jornal Económico added that KPMG is advising BCP on the sale, which is known as the Webb project.  

Original Story: Idealista

Translation/Summary: Richard D. Turner

Solyd Begins Sales of Life Altear Flats in Lisbon  

28 September 2020 – SOLYD Property Developers has begun the marketing of the second phase of its Altear development in Alta de Lisboa, in Lisbon. Sales of the project, known as Life Altear, began last week, and buyers have already reserved 30% of the units.

The 85-flat complex has 15,065 m2 of gross construction area, with one- to four-bedroom apartments and three ground-floor shops. Life Altear also has a swimming pool, private gym, lounge, parking and storage rooms, with a one-bedroom flat starting at 240.000 euros.

Original Story: Diário Imobiliário

Translation/Summary: Richard D. Turner

Government Extends Protections for Debtors

28 September 2020 – The Portuguese government has extended the suspension of loan repayments by families, companies and private charitable institutions until 30 September 2021.

The measure also stated that the distribution of profits, in any form, the repayment of loans to shareholders and/or the acquisition of shares in the company by the same, will lead to the cessation of the liquidity support. The beneficiaries of the measures that are covered by any of the liquidity support measures at the beginning of October 2020 will see their benefits automatically extended for a period of six months, from March 31, 2021, to September 30, 2021.

Original Story: Diário Imobiliário

Translation/Summary: Richard D. Turner

Mortgage Defaults Fall Y-o-Y in August  

28 September 2020 – Portuguese banks granted a total of €93.786 in residential mortgages in August, marginally down month-on-month but up year-on-year, according to a report by the Bank of Portugal. The rate of defaults on those loans held steady at 0.7%, the same as in July and 1.3% below the level seen in the same month last year.

Financial institutions also extended 19.222 billion euros in consumer loans in August was, up by 0.8% m-o-m and by over 5% y-o-y. Non-performing loans in this segment accounted for 6.6% of the total in August, down from 6.7% in July and 7.5% in August 2019.

Original Story: Diário Imobiliário

Translation/Summary: Richard D. Turner

Horizon Equity Acquires Stakes in Two Hospitals

28 September 2020 – The Horizon Equity Partners fund has finalised its acquisition of a 50% stake in the company that built and operates the Beatriz Ângelo Hospital, in Loures, along with a 40% stake in the Santos Espírito Hospital on Terceira Island, in the Azores. The fund manager reportedly paid approximately 75 million euros, including the assumption of debt, to Mota-Engil for the assets.

Loures Hospital has been functioning since 2012, and has an operating contract with SGHL – Sociedade Gestora do Hospital de Loures that lasts until 2039. Other shareholders in the firm include Luz Saúde, Novo Banco, Opway and Dalkia.

The firm that controls the hospital in the Azores Hospital also saw its contract extended until 2039. Such firms as Aberdeen, the Marques group and Dalki hold the other 60% of the firm.

Original Story: Economia Online – António Costa

Translation/Summary: Richard D. Turner

Residential Rents Fall In Lisbon and Porto

24 September 2020 – Just as housing prices have fallen, impacted by the Covid-19 pandemic, residential rental costs have also now seen a drop. The National Statistics Institute (INE)  reported that the average monthly rental payment in Portugal reached 5.41 euros per square metre, an increase of just 0.2% y-o-y. The slight increase represents a dramatic change from the figure for the previous quarter, which saw a rise of 10% year-on-year.

At the same time, rents fell in twelve different municipalities, with the most significant drops seen in Cascais (10.1%) and Lisbon (6.4%). The northern city of Porto saw a lesser decrease of just 1.1%.

Finally, following a trend that has been seen from the United Kingdom to Brazil, suburbs on the outskirts of the major cities are reporting a clear uptick. Loures, Amadora and Odivelas stand out with increases of 15.7%, 11.6% and 8.5%, respectively.

Original Story: Economia Online – Catarina Melo

Translation/Summary: Richard D. Turner

New Luxury Development Goes Up in Porto

22 September 2020 – The developer Qualive is building a new luxury residential development n Massarelos, a high-end neighbourhood of Porto that connects the riverside area to the city centre. The project consists of the Manor House, which the developer converted into a Boutique Guest House and 24 contemporary homes, including studios, one and two-bedroom flats, and 2-3 bedroom duplexes. Predibisa and Quintela e Penalva are marketing the development.

Located on the top of a hill, the residential project will include four different types of housing: the Dom Pedro Manor House, Garden House, Terrace House, Pena House, the last three of which have surface areas ranging between 69 square metres and 188 m2, and prices from 310,000 to 714,000 euros.

Each Garden House has two bedrooms, and a private garden that extends to the original granite wall, overlooking Rua Dom Pedro V. The Terrace Houses are composed of three large bedrooms with terraces, while the Casa Pena is a three-storey structure, where the ground-floor homes have private patios. Upper-floor duplexes The Dom Pedro Manor at the centre of the property has been converted into a six-bedroom Boutique Guest House, with a swimming pool and breakfast room for guests and residents.

Original Story: Magazine Imobiliário

Translation/Summary: Richard D. Turner