THE SPANISH property group Euro Imobiliária is to buy up run down and dilapidated Lisbon properties and convert them into middle class housing in a bid to attract young professional people back into the heart of Lisbon.
The company wants to cash in on a lack of affordable apartments in quarters such as Avenida Duque de Loulé, Rua Viriato, Duque de Ávila, Defensores de Chaves, Duarte Pacheco, Areeiro, Campo Mártires and Avenindas Novas and is taking advantage of new rent laws meaning that tenants on low rents will have to be eventually re-housed, pay market prices or move elsewhere.
Euro Imobiliára intends to invest around 290-300 million euros over the next five years on refurbishing the buildings and will continue with its present aggressive acquisition strategy, but promises that it would always, where possible, respect the original architectural features of the façades, many of which are listed buildings.
The company is also looking at business opportunities in the property sector in Porto.
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