• Transaction / Assets
    Porto City Council Sells Six Plots of Land in Auction
  • Seller
    Porto City Council
  • Buyer
    Various
  • € MM
    1.53

Porto City Council Sells Six Plots of Land in Foz for €1.53 million

28 November 2017

The Porto City Council sold six adjacent lots at the Rua Alfredo Ferreira da Silva in Foz on Tuesday in a sale worth 1.531 million euros.

The news agency Lusa reported that the municipality obtained a capital gain of 146,000 euros more than the base bidding price of the land in question, which totalled 1.385 million euros.

The six lots, which are destined for the construction of single-family homes, with three above-ground floors, were tendered and sold individually.

The auction of lot 1, with an area of 524.4 square meters, had 16 bids and was sold for 362,500 euros, compared to a base price of 285,000 euros. The lot has the capacity for a house with a gross building area of 524.4 square meters, with 9.25m of height.

The remaining five lots (lots 2, 3, 4, 5 and 6), all with an area of 239.13 square meters and with a bidding base of 220,000 euros, were sold for 242,200 euros, 241,600 euros, 235,000 euros, 225,000 euros and 224,400 euros, respectively.

The public auction had at least three bids per plot of land. One buyer acquired two lots (3 and 4).

The public auction rules require each of the buyers to pay 10% of the total value of the provisional award of their land up-front. The remaining 90% will be paid at the time of the deed.

According to the certificate of the subdivision of the land in question, which dates from December 2011 and is available on the municipality’s website, there is still a seventh plot of land in that location, with an area of about 1,215 square meters, also planned for a single-family dwelling.

Original Story: Diário Imobiliário / Lusa

Translation: Richard Turner