Spain 
Italy 
Greece 
SkyCity Heralds the Return of Large-Scale Housing Construction to Lisbon
24 August 2017
One of the largest new residential developments will open at the gates of Lisbon
Major new construction and development projects are starting up again in Portugal. One of the latest, SkyCity, is coming to the Serra de Carnaxide. At a moment when foreign investors are highly interested in urban rehabilitation projects, and as Portuguese nationals are facing greater difficulties in acquiring housing in the Portuguese capital, there has been an acute lack of new developments in Greater Lisbon. JPS Group perceived the shortfall and decided to take this opportunity and develop the SkyCity project, which is also financially supported by the Montepio bank.
The development has 49 detached houses, 66 townhouses and 255 apartments with between two and five bedrooms, in areas that can reach 400 m2. João Sousa, CEO of the JPS Group, says that SkyCity is mainly directed towards middle and upper-middle-class Portuguese families looking for spacious villas and apartments that benefit from good construction, luxurious interiors, pleasant surroundings, swimming pools and ample parking, a few minutes from the centre of Lisbon, and priced very competitively.
80% of buyers are Portuguese families
“Although we also have foreign clients, more than 80% of buyers are Portuguese families with or without children. We also have clients who are single and in their 30s, who want to own their own home and who have demanding criteria that would be difficult to fulfil in terms of quality/price in the centre of Lisbon,” Sousa explained, adding that,” apartments and houses with these characteristics and many other facilities are not easy to find in the centre of Lisbon for less than 500,000 euros.”
In fact, SkyCity has varied and competitive prices, starting at 135,000 euros for apartments. A townhouse can cost around 360,000 euros and it is possible to acquire a detached villa with a pool for just over 500,000 euros. “Considering the location and the quality of the development, these prices are very low,” João Sousa insists.
Buy into a new build and accompany the construction of a dream house
The possibility of buying into a new build has returned to the Portuguese real estate market, and João Sousa believes that this is one of the JPS Group’s differentials and competitive advantages. “Projects are designed with the customer, based on the customer’s preferences. At JPS they can actively participate in the construction of their dream home,” Sousa explained.
João Sousa also guarantees that the project is exceeding all expectations, with 80% of the homes and 60% of the apartments already sold.
The first 10 lots with 50 apartments were sold in a week and about a month later another ten lots were also put up for sale, reaching the same level of success in sales. “We will soon launch another 50 two to five-bedroom apartments. There will also some retail spaces available and several customers on already on our waiting list, so we hope to continue with our previous successes,” the CEO explained.
As for the investment, the Sousa stated that the numbers are still unclear, but “we are talking naturally of several million euros.”
João Sousa strongly believes that the Portuguese real estate market will continue to revitalize, focused on the Portuguese public, which is the part of the residential real estate market that SkyCity is focusing on. With “very competitively priced luxury developments at the gates of Lisbon, which will permit that Portuguese families will be able to buy homes without stretching their budgets too far, enabling them to get a higher quality of life.”
The executive also said that, due to a generally benign view of the Portuguese real estate market, banks are also more disposed to grant financing. “In general, the banking sector is once again financing diverse real estate projects and end customers.
Enormous demand has been seen, both by foreign investors and by end customers, both foreigner and Portuguese, and has contributed in a decisive way to increase confidence in the real estate market,” says João Sousa.
Portugal is in fashion
Although SkyCity is aimed primarily at the Portuguese public, Sousa says that the fact that Portugal is currently “fashionable” is very good for the economy. “Compared to other European countries, prices are still very competitive, in terms of hotels, real estate and the cost of living in general. The beauty of the country, its security, good food, climate and the warmth with which the Portuguese receive foreigner visitors has contributed a lot to Portugal’s increasing success.”
“As for us, we want to continue to take advantage of this positive phase of the real estate market, always adhering to our policy of placing market needs and proximity to customers as the priority. We are already considering new proposals that we are sure will be new successes for the JPS Group,” João Sousa said.
Original Story: Jornal Econômico – Fernanda Pedro
Translation: Richard Turner