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Demand for homes for sale in Portugal soars, says Rightmove

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Demand for overseas homes in Portugal has soared amid easier passport control access and flexible working.

The number of buyer enquiries for a home in Portugal was up 24 per cent in April compared to the same time last year, new figures from Rightmove show.

At the same time, experts say there has been a shift among potential British buyers who previously looked to the country for a potential holiday home but are now increasingly looking there to relocate full time.

It comes after Portugal became the first EU country to allow those with a British passport to use electronic passport gates, with the aim of speeding up entry.

The areas that have seen the biggest increases in demand in Portugal among overseas British buyers have been revealed by Rightmove

The areas that have seen the biggest increases in demand in Portugal among overseas British buyers have been revealed by Rightmove

This four-bedroom house in Porto Santo, in Portugal's Maderia, is for sale for ¿590,000, or 503,501, via Sotheby's International

This four-bedroom house in Porto Santo, in Portugal’s Maderia, is for sale for €590,000, or 503,501, via Sotheby’s International

David Rowat, of estate agent OliveHomes.com, said: ‘The demand from British buyers is unceasing. This year has seen unparalleled demand as people wish to pursue the dream of having a home in Portugal.

‘One of the biggest changes we have seen is the demand for relocation full time or remote working part-time. 

‘Historically the demand was weighted 80 per cent holiday homes and 20 per cent relocation. This has shifted to 50/50 and many clients are now asking for information on residency and schools.’

He added that the highest growth in enquiries is for stand-alone villas that are new, modern and family orientated, based in resorts such as Vale Do Lobo, Quinta do Lago, Vila Sol and Vilamoura.

‘In terms of locations, we can see the Algarve remains extremely strong with increased interest in the outskirts of Lisbon – Setúbal – and Madeira,’ he said.

‘Madeira is a beautiful island that is becoming more in-focus due to the extra value gained compared to mainland Portugal. 

‘British buyers remain extremely confident about the future prospects of Portugal, in terms of an investment and the quality of life.’

Rightmove also revealed that buyer enquiries increased 25 per cent in the last week of April compared to the previous seven days after faster entry requirement for Britons were announced.

The property website said that the most popular destination in Portugal is the island of Porto Santo, near Madeira, with searches more than tripling compared to last year.

Searches there are up 267 per cent, the biggest jump in searches of any area in Portugal.

It is followed by the picturesque village of Comporta in Alcácer, with searches more than doubling, up 129 per cent, while the city of Vila Real de Santo António, in the Algarve, is third, up 82 per cent.

Rachel Beaton, of Rightmove, said: ‘The move to make it easier and quicker for Britons to enter Portugal will give further confidence to British buyers who are interested in buying a home abroad, but are perhaps still hesitant about different travel regulations that are still in place since the pandemic or post-Brexit.

‘We’re seeing strong demand from British buyers for properties in Portugal, and this will only make it easier for these potential buyers to get over there to view properties for sale.’

Rightmove declined to quantify the demand and how many buyers were now looking to buy in Portugal. 

Interest was also likely to be considerably lower last year due to lockdowns and a lack of travel of overseas last April.

What you can buy in Portugal…

This luxury two-bedroom villa in Portugal's Vila Real de Santo António is for sale for ¿1.6m or £1.36m via Laws Property estate agents

This luxury two-bedroom villa in Portugal’s Vila Real de Santo António is for sale for €1.6m or £1.36m via Laws Property estate agents

This three-bedroom house in Portugal's Maderia is for sale for ¿795k, or £679k, via Sotheby's International

This three-bedroom house in Portugal’s Maderia is for sale for €795k, or £679k, via Sotheby’s International 

For those with a smaller budget, this two-bedroom flat in Portugal's Algarve is for sale for ¿173k, the equivalent of £148k, via kw Flash estate agents

For those with a smaller budget, this two-bedroom flat in Portugal’s Algarve is for sale for €173k, the equivalent of £148k, via kw Flash estate agents

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LaSalle and Accumulata to develop Munich’s first hybrid timber office building (GB)

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LaSalle Investment Management, acting in collaboration with ACCUMULATA Real Estate Group, will develop Munich’s first hybrid timber office building. The building is being constructed on behalf of Encore+, LaSalle’s flagship pan-European fund. Situated on Elsenheimerstrasse in the city’s Westend district, the office building will have a floor area of approximately 16,000m². With dismantling of the existing building on site already underway and construction due to begin in the third quarter of this year, the project is scheduled for completion during the first quarter of 2024. Lettings are already being marketed in collaboration with CBRE, the lead estate agent.

 

Designed by the leading Munich-based architectural firm Oliv Architekten, the asset will provide flexible, multifunctional spaces including a ground-floor café/bistro and landscaped roof terrace, as well as various wellness amenities, including a yoga studio and a relaxation lounge. Tenants will also enjoy bicycle parking, electric charging points and a smart underground car parking facility. Furthermore, the building will provide customisable office units and creative collaboration spaces, ensuring the asset is well-positioned for the future.

 

In terms of its environmental credentials, the project meets the highest sustainability standards across all areas, including construction, materials and operations. Having already received a DGNB “Platinum” precertification, the asset will be constructed using concrete reclaimed from the existing building currently situated at this location. All materials used in construction will be documented in a material passport, showing where and how the various components were sourced and installed, ensuring they can be repurposed at the end of their service life. These measures are projected to reduce embodied carbon by up to 25%. Embodied carbon will be low at 366kg CO2e/m², significantly below the RICS Building Carbon Database (offices) average benchmark of 1291kg CO2e/m².

 

The use of timber in the building’s load-bearing structure will ensure that approximately 1,100 tonnes of carbon will remain stored in the building fabric, rather than emitted into the atmosphere. During the course of the asset’s lifespan, emissions associated with the building’s operation will be reduced by 65% in comparison to a typical office building through the integration of a photovoltaic system, efficient heating, cooling and ventilation systems and the use of a ground water heat pump. The building will also harvest and store rainwater, supplying irrigation systems for the benefit of surrounding green areas.

 

David Ironside, Fund Manager of Encore+ at LaSalle Investment Management, commented: “This is an industry-leading and best-in-class project. The first of its kind in Munich, its design in accordance with circular economy principles and resource-conserving operation will serve as a benchmark in sustainable real estate. Located in one of the most sought-after office submarkets in Munich, the property will be extremely well placed to meet the ever-evolving demands of future tenants around sustainability, quality, amenities and infrastructure while providing attractive long-term returns for our investors.”

 

Markus Diegelmann, Managing Partner at ACCUMULATA Real Estate Group, added: “The start of demolition marks an exciting first step in the development of what will be one of the most sustainable office projects in Munich. At ACCUMULATA, we aim to promote the concepts of urban mining and the circular economy within the construction sector and this project is firmly aligned with this objective. By utilising ultra-high-quality and recyclable materials, we are creating an office building that can meet occupiers’ shifting requirements, both in terms of flexible working environments and sustainability standards.”

 

Georg Illichmann, Managing Director at CBRE GmbH, said: “As the first hybrid timber office building to be constructed in Munich, the project achieves all the modern-day requirements tenants demand from office buildings: easy accessibility to public transport, sustainability credentials and working spaces that promote communication, creativity and innovation. The building’s use of timber, unique to the Munich office market, will not only support the building’s sustainability credentials but also the wellbeing of occupiers. At CBRE, we are proud to be leading on the marketing of this unique asset and be involved in ground-breaking project in the German real estate market as the lead estate agent.”

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Cain provides €99.7m for London office development (GB)

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Cain International has agreed an €99.7m (£86m) development loan with BauMont Real Estate Capital  and YardNine for the development of a 95,000ft² highly sustainable, best in class office-scheme at 100 Fetter Lane in central London known as ‘Edenica’. The asset was acquired by BauMont in January 2021 with development partner, YardNine. Located in City Mid-town, in close proximity to Farringdon, the development benefits from easy access to the newly opened Elizabeth Line via Farringdon, as well as City Thameslink and Chancery Lane stations, with a diverse range of cultural, leisure, retail and educational amenities nearby.

 

The asset received planning consent in September 2021 for the delivery of a new 12-storey development, with over 8,000ft² of roof gardens, a new pedestrian route and garden square at ground level, alongside more than 230 cycle spaces. In addition to the light filled workspace the scheme will include a new café and F&B uses.

 

The building, situated at 100 Fetter Lane, has been named ‘Edenica’, a reference to the extensive outdoor spaces which form part of the scheme and adjoin it. The project is targeting the highest environmental standards of BREEAM Outstanding, WiredScore, SmartScore and WELL certifications.  Sustainability, technology and wellbeing are extensively incorporated into the design. This includes voluminous office space with clear heights of over 3 metres, openable windows to enable mixed-mode ventilation, extensive planted terraces to encourage biodiversity and provide significant external breakout spaces, facilities to encourage active modes of travel, and high-performance 100% electric building designed with the Waterman Group to ensure the building uses as little energy as possible and achieves Net Zero carbon emissions in use. Construction work has commenced on site and the scheme is due for completion in Summer 2024. 

 

Tanja Yerolemou-Ennsgraber, Senior Vice President – Real Estate Finance at Cain International, said: “We are excited to partner with an experienced sponsor and developer duo, joining their journey to deliver a best-in class office scheme. The project embraces the needs and desires of the future occupier, being mindful about their experience and bringing it to the fore. BauMont and YardNine have successfully unlocked a fantastic development opportunity and we are pleased to bring our construction financing expertise to the table and see Edenica unfold.” 

 

Damien Pasini, Director at BauMont Real Estate Capital said: “Following the recepit of planning permission last year, securing development financing is another significant milestone for 100 Fetter Lane. We look forward to working with Cain and YardNine to deliver a highly sustainable and innovative workplace in one of Central London’s most vibrant submarkets.”

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Crossbay acquires German logistics portfolio

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EPISO 5, a fund managed by Tristan Capital Partners, has sold a portfolio of warehouse assets located in Germany to Crossbay, the urban logistics platform for pan-European real estate investment manager MARK. The portfolio consists of three assets delivering circa 42,000m² of high-quality logistics floorspace. The transaction is the first disposition from the €1bn Summit Group portfolio of 69 assets, purchased in June 2021. The disposition was led by Sonar Real Estate. All three assets are fully leased. The largest warehouse provides around 25,000m² of logistics space located within a logistics hotspot on the outskirts of Berlin. The remaining assets are in prime positions around Leipzig and Dresden.

 

Fabian Meinsen, Managing Director – Portfolio & Asset Management, at Tristan Capital Partners, said: “The disposal is in line with the strategy to sell stabilised assets from the Summit portfolio acquisition and represents the first in a number of sales. Together with our trusted and experienced team of Operating Partners we are progressing with our asset management initiatives and driving disposals once the assets are stabilised.”

 

Marco Riva, Head of Logistics and Crossbay at MARK, added: “This latest portfolio acquisition fits perfectly in line with our strategy to create a market-leading urban logistics portfolio in Europe. Germany remains a key target market for Crossbay as we look to grow our AUM in Germany to €300m by Q3 2022. We expect demand for high quality logistics space close to core cities to continue to rise, with coronavirus and subsequent lockdowns only turbocharging the shift to online shopping. Our ability to deploy capital quickly combined with a genuine Pan-European network of on-theground local teams will allow us to source other attractive opportunities like the portfolio acquisition announced today, with our focus remaining on single-user distribution centres close to major urban areas.”

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