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All Market News: Spanish Real Estate Intelligence

Porto City Council to Build 170 Subsidised Homes
13 June 2019Richard D. K. Turner According to an article on Idealista, the Porto City Council is planning on building 170 homes on a 19,000 square meter plot of land next to the Ipanema Park hotel, in the parish of Lordelo do Ouro. The municipality intends to invest up to 19 million euros in the project. The plan is to place the homes on the rental market at subsidised rates. Construction on the new, middle-class development is expected to start at the beginning of 2021. The planned monthly rent for a two-bedroom home is 400-500 euros. Original Story: Idealista  
 
Portugal’s Banks Issue Over €3 Billion in Mortgages in 1Q19
13 June 2019Richard D. K. Turner Portugal’s banks loaned €804 million in residential mortgages in April, for a quarterly total of €3,155 billion, up from the 2,969 billion euros granted in the first four months of last year. That increase nevertheless represents a slowdown in the growth of loan issuance.  The macro-prudential measures introduced almost a year ago have been slowly lowering the pace of growth. Housing prices are also expected to grow at a slower pace. Original Story: Idealista
 
Portugal’s Banks Still Have 24,000 Properties for Sale
12 June 2019Richard D. K. Turner Portugal’s banks still have almost 24,000 properties, mostly homes, worth more than 4.3 billion euros, for sale. That number has been falling as financial institutions have been selling off large real estate portfolios, taking advantage of the boom. Banks like Novo Banco, Banco Montepio and Millennium bcp, however, still have over 5,000 properties each on their balance sheets. These figures mean that non-performing loans account for 9.4% of the Portuguese banking industry’s total loan portfolio, while the average for the EU is just 5%. The Bank of Portugal also recently warned that the real estate boom that has powered sales is showing increasing signs of strain. At the same time, Portugal’s banks are further reducing spreads on mortgage loans, in a fight to maintain market share, while expected housing sales times are beginning to widen. Original Story: JN - Elisabete Tavares