Just South of Lisbon, Barreiro is an Area with “Very Desirable Real Estate”

18 February 2019

Barreiro has seemingly gotten a new lease on life, as demand for homes in the area grows and developers race to build new homes and renovate existing ones to keep up. The mayor of Barreiro (CMB), in statements to idealista/news, guaranteed that “real estate in the city is highly attractive.” Mayor Frederico Rosa stated that the municipality on the South Bank of the Tagus needs additional investments in the Container Terminal, the new airport in Montijo and the Barreiro-Montijo transport link to develop more sustainably.

Principal buyers are French, Nordic and Brazilian

Barreiro comprises a relatively small area but has a high population density due, on the one hand, to its location on the Coina and Tagus riverfronts, with views of Lisbon, and to good transport links, principally by ferry, to Lisbon. Idealista/news spoke with Mayor Rosa to understand the changes to the local real estate market.

In response, Mayor Rosa spoke of the two sides of the local market. First, the new housing market, where new construction projects are already under development, and “homes that are being renovated throughout the city.” The mayor added that particular focus had been given to redeveloping the urban centre of the region, “which has seen the largest number of projects and investors coming to the area, not just from Portugal but around the world.”

Mayor Rosa stated the investors principally come from France, northern Europe and Brazil. Recently a group of Brazilian real estate investors visited the city. Their impressions of the city “represent a good business opportunity.”

“There are both foreigners and the Portuguese investing here in homes for their use as investments in the housing market.” To get a better idea, the city has already raised more in construction fees in 2018 than in the two previous years combined, and the first two months of the year have been equally successful.

Torre Fénix to move ahead

As for new construction projects “they are often located in areas that have been stagnant for years,” the mayor explained, adding that “many buildings that require rehabilitation are also moving ahead.”

Examples of the new projects include a building on Avenida Alfredo da Silva, which was originally built in 1983. The residential building is the largest tower in Barreiro and was never finished. The Fénix Building, as it is known, is already under construction and will be completely rebuilt this year.

Another project under development is the Quinta do Braancamp, a rural complex located in the city of Barreiro which consists of an old, 19th-century manor house, agricultural facilities, a windmill and farmland.

After the insolvency proceedings of the Sociedade Nacional de Cortiças, a cork producer, the property passed to Millennium bcp. The bank later sold the land to the municipality of Barreiro in 2015. The land comprises roughly 21 hectares. Seven hectares are slated for development into housing with river views. Given its size, the development will include housing (182 homes), leisure facilities and parks, restaurants and hotels. With planned private investments of approximately 100 million euros, the municipality is still analysing proposals from investors. Construction, however, is expected to begin in 2019.

Another project, this time for local tourist accommodations, including 150 beds, is expected to be completed next year.

Original Story: Idealista – Carla Celestino

Photo: Flickr

Translation: Richard Turner