Spain 
Italy 
Greece 
BCP Selling Land for New Residential Development in Lumiar, Lisbon
2 November 2018
Next to Lisbon’s Calçada de Carriche, between Quinta das Lavadeiras and the Paço da Ameixoeira condominium, a new plot of land, one which developers could use to build a new residential development, is about to come onto the market. The land has about 12,400 m2 of above-ground construction area, along with an area measuring 1,400 m2 for trade and services. The bank is asking for 7.1 million euros.
The land, for which there is an existing, approved project that allows for the construction of a housing development with trade and services, in four residential blocks, is on sale by BCP. The development will include a total of 74 homes at the gates of the capital.
“The Lisbon city council approved the project on 28 December 2016, and the construction permit/license was paid for a period of one year, renewable for another year, until December 26, 2018,” said Ramiro Gomes, who is responsible for Sales, Large Properties – South at Millennium bcp’s real estate directorate.
According to Mr Gomes, the land has, “excellent road access to the Calçada de Carriche, the A8, CRIL and the Grilo tunnel.” The property also benefits from a good transportation network in the vicinity, placing “the asset at a short distance from every central point in the city.” The location is very close to the Sr. Roubado metro station, on the Yellow line, with direct access to Marquês de Pombal in 15 minutes.
The project would increase the supply of new housing in the area by 65%
In the last year and a half, 113 new dwellings entered the licensing process in the parish of Lumiar, for a total of 17,990 square meters of new residential areas, according to data compiled by Confidencial Imobiliário. The new homes are part of 12 new housing projects, of which eight are new builds.
The project in question would increase the pipeline of new residential projects in Lumiar by 65%, by the number of homes, and by 69%, by the area under construction, according to Público Real Estate.
“Lumiar is an excellent residential area, dedicated to primary housing for the Portuguese middle and upper-middle class, with very good acceptance and absorption of any newly available properties,” Mr Gomes stated.
In his opinion, the price per square meter in the area is “still very appealing.” Flats sell for an average of €2,829/m2, compared to €3,264/m2 for the city as a whole.
Original Story: Idealista
Photo: Century21
Translation: Richard Turner