Middle class housing project for Porto
A 10-building development which was in the hands of a bank because of loan default is to provide housing for the middle classes in Porto thanks to a €18 million investment.
The Onires Group and Torrestir have acquired the ‘Páteo Quinta de Quires’ housing development in Maia, Porto.
Purchased from a bank by the two companies through a joint-stock company set up specifically for the acquisition, the development has 132 apartments spread over 10 buildings with prices starting at €200,000.
Close to Francisco Sá Carneiro airport, the metro and also shops and service areas, ‘Páteo Quinta de Quires’ is just 15 minutes from the centre of Porto.
“This investment means that we will be able to complete this benchmark housing development and reflects the confidence that the Onires Group and Torrestir have in the solidity of the real estate market, as well as the Portuguese economy’s ability to recover,” says João Serino, CEO of the Onires Group.
“At a time which we know is challenging for the Portuguese, middle class families in the Greater Porto region which in recent years have had to face a dizzying rise in property prices, both in terms of rent and purchase, now have an opportunity to buy homes that suit their pocket,” he adds.
The group is currently carrying out refurbishment works worth €4 million, including the infrastructures, facilities, common areas and finishes.
Fernando Torres, Torrestir board president adds that the prices will be “more competitive and affordable”.
“We think that the completion of this development, with spacious apartments and large common areas, located outside the more densely packed urban centre, will provide the ideal solution for many middle class families,” he says.
Offering 2-4 bedroom apartments, ‘Páteo Quinta de Quires’ will have the first properties for sale in the last quarter of this year.