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ARC Homes to Invest €30 Million in Housing in Porto
10 February 2021
The real estate developer ARC Homes has acquired land for the construction of 156 homes in Porto, representing a total investment of 30 million euros. The development will be located in the neighbourhood of Prelada, with one-to-three bedroom houses. Prices will start at about 140,000 euros.
The project is the first of the three acquisitions the company wants to make during the year 2021. The Catalan company’s investment plan, totalling €100 million, includes the purchase of land to build a portfolio of 500 homes in Porto.
According to Jan Maarten Goedemans, executive director of ARC Homes, “While the real estate companies that have invested in Porto over the last ten years have done so in luxury hotels, tourist flats and luxury accommodations for foreigners, in office complexes, hardly anyone has done so with affordable housing in mind.”
Original Story: Agência EFE
Translation: Richard Turner