residential Assets News: Spanish Real Estate Intelligence

Real Estate Acquisition Still Dominates the Golden Visa Program
19 November 2019 - The acquisition of real estate properties has been powering Portugal’s golden visa program since its inception in October 2012. The Portuguese government has granted a total of 8,061 Residence Permits - Investment (ARIs), bringing in investments of approximately 4.9 billion euros to the country. The acquisition of real estate accounted for 90% of the total, or 7,594 golden visas, according to the Foreigners and Border Service (SEF). Golden visas granted through capital transfers accounted for 450 visas or 477,658,122.9 euros. The government only granted 17 through the creation of at least ten jobs. China topped the list of visa holders (4,424), followed by Brazil (844), Turkey (370), South Africa (318) and Russia (290). Investment captured through the program fell by 19% in October, compared to the same month in 2018, to 59.9 million euros. Original Story: Idealista Adaptation/Translation: Richard D. K. Turner
AM|48 Converts Historic Building in Lisbon into Small, Luxury Flats
19 November 2019 - The real estate developer AM|48 has inaugurated The Boulevard, a new apartment building located on the Praça dos Restauradores. The area connects Avenida da Liberdade to downtown Lisbon. AM|48 fully renovated the historic building, while maintaining the existing façade, in a €25-million investment. The 6-floor building has 34 one-bedroom apartments with areas of between 43 and 80 square meters. The 12 two-bedroom apartments range from 84 to 105 square meters. The flats each have a unit price of seven to eight thousand euros/m2. Original Story: Dinheiro Vivo - Sara Fernandes Adaptation/Translation: Richard D. K. Turner
Lucios Real Estate Acquires Unfinished Building in Central Porto
14 November 2019 – Lucios Real Estate has acquired the Edifício Pão-de-Açúcar, an unfinished building in the touristy central zone of Porto. The property is located between Avenida Fernão de Magalhães and Rua dos Abraços, next to Campo 24 de Agosto. The Savills real estate consultancy advised on the transaction. The new development, called the Pacífico, will have a total surface area of 49,000 square meters divided into four apartment blocks. The Pacific will consist of flats, a hotel, stores, a supermarket and services, including a gym and offices. Work on the site is slated to begin in the next few months, with completion scheduled for the last quarter of 2022. Original Story: Diário Imobiliario Photo: Luis Efigénio / nFACTOS Adaptation/Translation: Richard D. K. Turner