Portuguese Real Estate News 19/09/2023

Endutex inaugurates its first Moov Hotel in Lisbon

Endutex Group is opening its first Moov Hotel in Lisbon, the largest investment of its kind in Portugal at 12 million euros, as reported by Vida Imobiliária.

The new Moov Lisboa Oriente Hotel, located in Parque das Na??es, features 180 rooms across six floors, catering to both business and leisure travelers.

This marks Endutex's fifth hotel in Portugal, providing a practical, comfortable, and cost-effective accommodation option in Lisbon's hospitality sector in 2023.

Tan is building "Arabian-style" houses in Comporta, with prices that can go up to 5.5 million euros

Tan Investments is building a luxury condominium in Comporta called "Sama," featuring architecture inspired by Arabian style. The project includes 16 villas on a vast property of 86,500 square meters, offering homes ranging from 2 to 5 bedrooms and priced from 1.8 million to 5.5 million euros, as reported by Jornal de Negócios.

Each villa, with sizes ranging from 237 to 438 square meters, includes a private pool, garden, and rooftop terraces with panoramic views. The development is attracting clients looking for exceptional properties to reside in, vacation at, or invest in a region where property values are increasing, and rental yields range from 4% to 6%.

Comporta's real estate market has seen significant price increases, with new construction properties' average asking price rising from 2,671 euros/m2 in 2020 to 7,063 euros/m2 in 2022, and some homes reaching 10,472 euros/m2, as reported by the SIR (Residential Information System) from Confidencial Imobiliário, cited by Athena Advisers.

The Arrow Global Group is acquiring the Palmares resort for 100 million euros

The Arrow Global Group is set to acquire the luxury resort Palmares Ocean Living & Golf in Lagos, Algarve, for 100 million euros. The resort, currently owned by Palminv, has 103 villas, 357 apartments, two five-star hotels, and a golf course, as reported by Jornal ECO – SAPO.PT

The resort was initially purchased by Kronos in 2018 and underwent significant renovations with an investment of 250 million euros. However, negotiations between Kronos and SPX Capital fell through last year due to the discontinuation of the portuguese golden visa program.

Arrow Global has been actively expanding its presence in the portuguese tourism sector, recently acquiring Dom Pedro hotels and golf courses for 250 million euros. They have also signaled further investments totaling 500 million euros in portuguese tourism assets by 2027.

The Ibéria Shoppings Fund I acquires Tavira Gran Plaza

The shopping center Tavira Gran Plaza has changed ownership and is now owned by the Ibéria Shoppings Fund, as reported by Vida Imobiliária.

This shopping center, opened in 2009, is the only one in the interior Sotavento region (Algarve), boasting 26,700 square meters of space, 110 stores, and ample covered parking.

Under the management of Widerproperty since September 6th, the mall is embarking on a repositioning journey, adapting its commercial mix to align with the needs of its established residential community in a consolidated area.

It will also consider the evolution of its housing market, which currently includes a well-established French community and is welcoming new residents from the United States, Sweden and Italy.