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2 clusters · 5 sources · 6 days · First seen · Last updated

Avenue real estate development strategy in Portugal

Overview

Real estate developer Avenue is attempting to pivot its business model in Portugal from luxury projects toward the middle-high and middle-class residential segments.

Initially, the company identified significant financial barriers to this expansion, specifically citing a 23% VAT rate on new construction. CEO Aniceto Viegas argued that reducing this rate to 6% would save approximately 700 euros per square meter, helping to offset high land prices, rising construction costs, and slow administrative licensing.

Following these considerations, Avenue announced specific residential projects in the Campanhã parish of Porto. These developments include a plan for 90 apartments expected to launch in early 2027 and a second project for 100 houses. The company is targeting this eastern zone of Porto due to its infrastructure, including metro, rail, and the future high-speed rail (TGV), as well as more manageable land costs compared to central Porto and Lisbon.

Entities

Aniceto Viegas · Campanhã · Porto · Avenue

Timeline

  1. [BUSINESS] 3 sources
    Avenue targets Porto's eastern zone with new residential projects

    Avenue is expanding its footprint in Porto, Portugal, by developing two new middle-high class residential projects in the Campanhã area, leveraging future high-speed rail connectivity.

  2. [BUSINESS] 2 sources
    Avenue seeks to develop middle-class housing in Portugal

    Real estate developer Avenue says the 23% VAT on new construction prevents investment in middle-class housing in Portugal, calling for a reduction to 6% to lower costs.

Sources

dn.pt · mobile.valor.com.br · motor24.pt · oglobo.globo.com · urbana.com.pt