First Contract Under First Right Law Signed in Funchal

20 December 2020 – The first contract under the First Right Law signed outside mainland Portugal, was closed by the City Council of Funchal, which signed a cooperation agreement with the Housing and Urban Rehabilitation Institute and the Secretary of State for Housing. The joint investment will reach 28 million euros over the next four years, leading to the creation of four new housing estates and the acquisition of 5 properties for renovation in the city centre.

The investment aims to help solve the housing problems of 202 families in Funchal by 2024. The construction of the new neighbourhood of Nazaré and the acquisition of the four buildings, investments of 500,000 and 3 million euros respectively, are expected to begin in 2021.

Original Story: Vida Imobiliária

Translation/Summary: Richard Turner