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Returning....

Hi guys, its been a while but as you might know, Portugal stops in August (even with Covid a lot of people traveling to the villages and the Algarves). I did travel too.


In general, we have had some delays due to (1) Covid quarantine and (2) believe it or not, lack of man power (many constructions in Portugal at same time). We are now adjusting all fronts to get to the last mile.


In regards to sale, due to Covid, there was a feeling from the buyers perspective that prices would reduce. Therefore, many deals where delayed. The market has not adjusted down and buyers started to come back to visit and negotiate.

Ericeira We restarted the work on Plot 6 and yesterday we poured concrete on the duplex floor. Next two weeks we will be finishing the roof concrete and start closing all floors with bricks, then installations, etc... So, plan is still to deliver the building by summer of 2021.

After long wait and several discussions with the Camara of Mafra, we shall be receiving our construction licenses for Plots 8 and 9 with this month and start digging next month, if it does not rain heavily. From the license to finishing the building will take 18-20 months. In regards to sales, we have adjusted up the prices to accommodate a higer commission to partners so they can push our products. We have seen the increment on search for our buildings, including Plots 8 and 9. As the building starts gaining final form, we shall be closing the sales.


Bicesse


We are in the final stages on lots 46 and 62 of Bicesse and shall be signing the sale during last quarter of 2020.


Lots 34, 63 and 73 are going well and shall be ready by end this year beginning 21.


All these plots are already committed with sales and purchase agreements already signed.


Penedo


The 3 lots (14, 15 and 16) are to be finished until November. Although we have had several visits, potential buyers are resisting signing SPA until they can see the houses at least 90% done, which will be by end of this month. At current stage, we are now putting up the surrounding walls and finishing exteriors.


Pictures


We will be publishing the videos and photos of Ericeira and Bicesse and Penedo construction status on the site.

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Update 25/04/2020

Hi there, hope you and families are doing fine and enjoying the time together. Below is a summary of Cushman and Waikfield survey on Portugal Real Estate Market: “With regard to investment in real est

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