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Portuguese State to Sell 35 Properties for an Estimated €4MM
5 November 2018
The Portuguese state will hold a public auction of properties it owns throughout Portugal, including flats, houses, shops and land. Interested parties should submit proposals by Wednesday.
At a moment when the real estate market in Portugal is consistently reaching new highs, even the federal government is looking to make a profit. The Portuguese government is selling off a portfolio of 35 properties, valued at four million euros. The auction will take place on Thursday, and any interested parties must submit their proposals a day earlier. The properties are located throughout the country, including the capital and the Algarve, and the assets will go to the highest bidder.
The General Directorate of the Treasury and Finances will conduct the auction of several flats, houses, stores and plots of land this Thursday, the Correio da Manhã reported. The most expensive asset is an office building on Vasco da Gama street in Faro, with a base bid of 600,000 euros. The building, which has six offices, was previously occupied by the Agriculture and Fisheries Financing Institute. The cheapest asset included in the public auction is a plot of land in Mangualde, with 298.6 square meters, with a base bid of 7,600 euros.
In Lisbon, three derelict houses in Campolide are on sale, for a minimum bid of 218,000 euros. Other lots include houses in Oeiras and Olhão and several apartments in Beja, Ferreira do Alentejo and Mirandela.
Interested parties should submit any proposals by 4:00 p.m. on Wednesday, including the bid price and a check corresponding to 5% of the value.
Original Story: Economia Online
Translation: Richard Turner