residential Market News: Portuguese Real Estate Intelligence

April 17, 2021 – Ana Custódio Círculo de Mestres joined a group of investors to develop the new units. An undisclosed group of investors, together with Círculo de Mestres, which is managing the project, will build a brand new residence in Coimbra and remodel an existing one in Oeiras. Círculo dos Mestres will open two new homes, one in Pereira do Campo in the Coimbra region and another in Carnaxide, in the municipality of Oeiras. The network of senior residences is based on the concept of itinerant active ageing. An investment of 16 million euros is forecast, adding 250 new users, as the network attempts to reach its goal of having 1,000 users at a national level within three years. Círculo dos Mestres already has two residences in Aveiro for around 150 people. The Solar das Camélias home operates in Albergaria-a-Velha, and the Casa do Sol Poente home, in Aveiro. These new units are based on the continuation of the Círculo de Mestres project, which foresees the projects' development in phases lasting 18 to 24 months. The new residences in Oeiras and Coimbra are scheduled to open between the last quarter of 2022 and the first half of 2023. Círculo dos Mestres is committed to a unique concept of senior mobility between country, beach and city, which allows its users to move according to their personal and life needs. Furthermore, this concept allows the users to move to another of the group's residences, choosing between spending some time in a country or city area. In a short explanation about the group's concept, Prof. Dr Eugénio Leite, CEO Círculo dos Mestres, noted that "We want to add life to our users, we want them to develop their own projects, we want our users to have an above average quality of care, we believe that the user should be given back in what they have already contributed to society and to their families." The network admits the possibility of partnerships with other business groups or investors that share the same concept and objectives, in order to extend the areas of action to other domains, with the aim of continuous improvement. Translation: Richard D K Turner

April 5, 2021 – Ana Custódio Euribor fell at three months and rose at six and 12 months compared to Tuesday, according to an article in Notícias ao Minuto. The six-month Euribor rate, the most widely used in Portugal to index mortgages, rose today to -0.519%, up 0.003 points, against the current low of -0.534% on January 28. The 12-month Euribor rate also rose, to -0.485%, also up 0.003 points, against the current minimum of -0.515% on February 2. On the other hand, the three-month Euribor declined, settling at -0.547%, down 0.005 points less, against the current all-time low of -0.556%, recorded on January 6. Euribor interest rates are closely linked to the European Central Bank’s benchmark interest rates. The three, six and 12-month Euribor rates went into negative territory in 2015, on April 21, November 6 and February 5, respectively. Euribor rates are determined by the average interest rates at which a group of 57 banks in the eurozone are willing to lend money to each other on the interbank market. Translation: Richard D K Turner