All Market News: Spanish Real Estate Intelligence

Construction of New Homes Takes Off in Porto
21 September 2019 – In the first six months of this year, 2,130 new homes, corresponding to 275 construction projects, entered the municipal licensing process in Porto, already the equivalent of 78% of the total for last year as a whole. Most of the applicants were for new builds. Those accounted for 1,266 homes, or 59% of the total, versus 864 homes undergoing rehabilitation. Original Story: Jornal de Negócios - Ana Batalha Oliveira Adaptation/Translation: Richard D. K. Turner  
Park Avenue Real Estate Development to Open in Porto
21 September 2019 – ODD - Real Estate Development Ltd, a company associated with the ACA Group, will build the “Park Avenue” residential development in Porto, in front of the City Park. The new development will consist of 24 one to four-bedroom apartments, with areas ranging from 59 to 418 square meters. Prices start at €260,000 and go up to 2.5 million euros. The five-floor building will be completed by the end of 2021. Every flat will have allocated parking on two underground floors. Original Story: Jornal de Negócios - Rui Neves Adaptation/Translation: Richard D. K. Turner
CA Património Crescente Snaps Up Montijo Retail Park for €15.5 Million from Commerzbank
21 September 2019 – CA Património Crescente, a fund controlled by Square Asset Management, has acquired the Montijo Retail Park, across the Tagus river from Lisbon, from Commerzbank for €15.5 million. Commerz Real, Commerzbank's fund manager, originally bought the asset in 2009 for approximately €30 million. Market sources stated that the deal went for less than 1,000 euros/m2, with a yield of 7.5%. Montijo Retail Park, which is located next to the Montijo Forum, has a surface area of ​​about 18,000 square meters, an 800-car parking lot and tenants such as Conforama, Leroy Merlin, Espaço Casa e Guimarães Footwear. Original Story: Economia Online – Rita Neto Adaptation/Translation: Richard D. K. Turner