residential Market News: Spanish Real Estate Intelligence

Lisbon City Council to Invest €239 Million in Affordable Housing
16 July 2019 – Richard D. K. Turner The Lisbon City Council (CML) and the Institute of Housing and Urban Rehabilitation (IHRU) announced that they will invest €239 million to build affordable homes for roughly 1,500 families. The project, which comes under the auspices of the First Right program, will initially consist of a 70-million-euro investment, about of quarter of which will come from the IHRU. At this stage, the CML will identify both families in need and underserved neighbourhoods and refer them to the IHRU, which will funds towards the development of new buildings and homes and urban rehabilitation. The municipality will invest a total of 158 ​​million euros, with the remainder funded by the IHRU. Original Story: Economia Online - Rita Neto  
Omega Group to Invest €2MM in New Condominium in Porto
10 July 2019 – Richard D. K. Turner A new development, the Condomínio Nova Rio, will go up on Rua Nova do Rio, in Paranhos, near the S. João Hospital, in Porto. The Omega Group will invest two million euros in the new condominium. Nova Rio will have 16 studios and one-bedroom flats, with areas ranging from 36 to 52 m2. The project has a total construction area of ​​1,920 m2, including common gardens and allocated parking. Original Story: Diário Imobiliário
New Build Construction Costs Rise By 2.2%
10 July 2019 – Richard D. K. Turner New construction costs grew by an estimated 2.2% (y-o-y) in May, down by 0.1% compared to the month before, according to the INE’s New Housing Construction Cost Index (ICCHN). The price of construction materials also rose by 0.8% (0.9% in the previous month), while the cost of labour jumped by 4.3%, compared to 4.5% in April. Original Story: Jornal Econômico - Rodolfo Alexandre Reis