The Spanish crowdfunding platform Housers has presented a new investment product for a students’ halls of residence, to be located a short distance from the University of the Algarve.
The project comprises a two-floor building located in the centre of Faro and which will provide a halls of residence for 59 students.
The Housers investment call aims to raise €550,000 through crowdfunding for a loan to a property developer to buy the building with a total construction area of 521sqm which will help meet the lack of student accommodation in Faro.
Located just a stone’s throw away from the University of the Algarve, the property will be turned into a residence with 23 individual and shared rooms, common living and eating areas, a study room, library, swimming pool and gym.
It will be a fixed-rate investment meaning that investors who subscribe to the project will receive a monthly fixed interest rate agreed with the developer from the first month of the project followed by the paying back of the loan at the end.
The total expected investment period is 60 months with a total accumulated interest gain of 25% corresponding to 5% per annum.
João Távora, responsible for international markets for Housers, says: “This project represents two firsts in Portugal for Housers: it is not only the first time that we are financing a students’ residence, but it is also the first time we are launching a project in the Algarve.”
