Kronos Homes to Invest €300MM in Portugal by Year-End

4 July 2018

After three years of operating in the Spanish real estate market, the property developer Kronos Homes is arriving in Portugal, investing 200 million euros in assets and another €100 million by the end of the year. The first project will be a premium tourist resort in Palmares, Algarve.

The developer’s presentation of its plans for [Portugal] occurred today, with the company stating that its main differential lies in its commitment to architecture and design and the quality of its projects, which is how it is looking to take the lead in the Spanish market. The firm has now landed in Portugal with the expectation of beginning sales for three projects before the end of this year.

Said Hejal, the founder and managing partner at Kronos Homes, was present at the press conference this morning and said: “It is with great satisfaction that we have started our expansion in Portugal, thus becoming a truly Iberian company. We chose Portugal because we believe that the country and its real estate market meet the necessary conditions for the success of our vision and because here we see great potential for development.”

As mentioned, Kronos Homes’ first project in Portugal will be a premium tourist venture, sold as possible ​​second residences. The first phase of the project will be launched later this year. The company is also planning on investing in two more projects in the Algarve.

The developer is betting on differentiating concepts and for this has developed the brand #PUREDESIGN, which shows its vocation. The company intends to create an architecture with a unique and innovative design that aspires to authenticity. The real estate developer is devoting approximately three to six months more than average for companies in the sector to study the projects’ design.

At the moment, Kronos Homes has 16 projects spread across Spain, 12 of which are already underway.

Original Story: Diário Imobiliário

Translation: Richard Turner