Private investors eyeing public property

Private investors are turning their attention to public buildings owned by the Portuguese State and city councils.

Some of the empty buildings which have yet to have a specific use “could be used to plug a gap in the market, either for sale or rent”, says the Managing Director of Sotheby’s Portugal, Miguel Poisson from the estate agency which specialises in the luxury segment.
“If this property was placed at the disposal of private investors, “Beneficial solutions could be found both for the public and private sectors”, he says.
In the centre of Lisbon, one property that has most attracted the attention of investors is Lisbon Prison at the top of Parque Eduardo VII.
“It is absolutely absurd to have a prison in a prime position. It would make more sense to have student accommodation or give investors the opportunity in agreements with the city council to find win-win solutions for both parties”, he tells the newspaper Público.
But according to Público, it is not just the centre of Lisbon that is firing interest. Places like Beato, Marvila are also preparing to get investment. “Several thousand apartments will be built in those areas and many offices. It will have its own centrality”, says the head of Sotheby’s Portugal.
The suburbs of Lisbon and Porto will also begin to see new projects but in these cases an essential condition is for good public transport links to the centre of the cities.