• Transaction / Assets
    Three plots of land in São Gonçalo parish, Lagos
  • Seller
    CHESGAL Cooperative
  • Buyer
    Lagos City Council
  • € MM

Lagos City Council Buys Land for Affordable Housing

22 May 2019Richard D. K. Turner

Lagos, in the Algarve, has some of the highest housing prices in Portugal and buyers are often foreigners looking for second homes. Elevated demand in the region has crowded out local middle-class families and young people. To respond to the situation, the Lagos City Council drew up an ambitious plan to acquire a plot of land from the CHESGAL Cooperative, where it will build about 100 new subsidised flats.

According to an article in Idealista, the local municipal assembly recently approved the acquisition of plots of land totalling 9,280 square meters for more than 1.2 million euros. The three plots are all located in the parish of São Gonçalo.

Original Story: Idealista

Foto: Visual Hunt