A new luxury real estate project will see the light of day in Lisbon in 2020, but already making good promises and happy people. If you too would like to realize a real estate purchase project in Lisbon or elsewhere in Portugal, do not hesitate to contact us to be put in touch with professionals.
The initial idea of this new project which started 5 months ago was not to make apartments but a luxury hotel. After thinking about the location, structure and architecture of the property and the situation of the residential real estate market in Lisbon, the promoters opted for the construction of a luxury condominium.
This is how Casal Ribeiro was born, the first residential project of Stakecorp, a Portuguese company that until now has focused on the hotel sector. According to Skatecorp’s CEO, Eurico Almeida, it was the growth of the real estate market and the numerous rehabilitation projects in Lisbon that prompted the company to turn to residential rather than tourist investment.
Seasonal rentals are becoming more and more popular in Lisbon and elsewhere in Portugal and the aim of this real estate project, although it is all the same to add value, is above all to welcome Portuguese or foreigners wishing to live all year round in these luxury apartments.
This real estate project is located in the corner of Casal Ribeiro and includes four buildings that were abandoned. They were bought by Skatecorp from an investment fund. This top-of-the-range residence will have a total of 77 T0 to T4 apartments sold at prices that not everyone will be able to afford: “Prices range from 500,000 euros for the smallest areas to 1.5 million euros for the largest”, said Eurico Almeida.
Four different types of apartments
The location is not the only factor justifying these prices as the company will invest 30 million euros in this real estate project. In addition to being located in one of the most sought-after areas of Lisbon, the homes built will offer luxury facilities and services.
The director of the company defends his awards with various elements such as the “architectural beauty of the building and its imposing main entrance, with a ceiling height of five metres”, but we can also mention the 5,000 m² of private parking in the basement and the equipment of the common areas available, such as a gym, an indoor and an outdoor swimming pool.
The apartments themselves will have nothing to envy to the luxury villas for rent in the Algarve: some will have terraces and gardens while others, located on the top floors of the buildings, will offer a panoramic view of the city of Lisbon. According to Eurico Almeida, there are four types of apartments, each with a different architecture.
Thus, the future luxury apartments are defined by “a typical Lisbon environment of the late nineteenth century, seeking to recreate all the architectural details of the time”. The company states that it “seeks to reflect the sense of architecture of the twentieth century period”. The new apartments in this Lisbon real estate project will be the most modern and among those with the most beautiful views of the Tagus and the capital.
According to the company and Eurico Almeida, “There is a significant lack of quality apartments in the central areas of Lisbon and there is a whole range of national and foreign clients interested in products of the same quality as in other European capitals. The project in question responds perfectly to this type of demand: central location, parking and an architectural solution that enhances the historical character of the building”.
Luxury real estate purchases have already begun
The building construction will not be ready until the end of 2020, but sales have already started since April 2018, when the project started. “The sales started with the beginning of the construction, as it is practiced in the national market”, explains Eurico Almeida. Of course, this also helps to warm up Lisbon’s real estate market, which is characterised by a lower supply than demand.
This is why 30% of these luxury apartments have already been sold in just 5 months. The course of the residential project is for the moment maintained with buyers who are above all “Portuguese and foreign families who want to live there and enjoy the life of the neighbourhood” and not investors who are looking to speculate on luxury tourist rentals.
Some information about the real estate project
- 77 apartments
- Typologies from T0 to T4: 223m² for a T4 on the top floor and 49 m² for a T0.
- Shared services and exterior: swimming pool, gym, 24-hour security and butler.
- 30% of the apartments already sold
- The marketing of these luxury properties is handled by the real estate agencies JLL and Christie’s Front Door.
- The project represents an investment of €30 million.
