Spain 
Italy 
Greece 
Former CGD Office Building to Become Luxury Development
16 December 2020 – A new luxury-housing development is going up in the area of Avenidas Novas, in Lisbon. Demolition works have already begun on the building located on Avenida 5 de Outubro, which once belonged to Caixa Geral de Depósitos (CGD) and was later acquired by Habitat Invest. The development, called Linea Residences, will consist of 36 one-to-four-bedroom duplex flats, with prices ranging from €600,000 and €3 million.
In an interview with the Jornal Expresso, Luís Correa de Barros, chairman of the board and CEO of Habitat Invest, said, “Habitat Invest does not [just invest] in luxury. We have projects for the upper class and others with slightly lower prices, but which still cost 3,000-4,000 euros per square meter (m2). It’s important to have projects at €2,000 or €2,500/m2 in Lisbon, but we couldn’t get there because the land costs don’t allow it, [that would only be possible] with support from the State or the municipalities.” Not revealing the amount paid to CGD nor the total investment amount in the project, the executive added that “What we paid for the building [would only permit] housing and, in this case, top quality.”
Original Story: Expresso – Ana Baptista
Translation/Summary: Richard Turner