The Porto City Council today approved signing a preliminary contract with a private entity to construct 195 new housing units near the Mercado Abastecedor in Campanhã, intended for the city’s affordable rental market.
The proposal, passed with a vote against by the CDU councilor and an abstention from the Bloco councilor, is for a preliminary lease agreement with Lusares – Sociedade Imobiliária S. A., which will build the housing units and lease them to Porto municipality under its “Porto com Sentido” program, for subleasing.
Besides signing the preliminary contract, the proposal also authorizes related commitments for the years 2029 to 2039, amounting to 6,032,000 euros.
On a 22,400 square meter plot on Rua da Arada and Avenida de Cartes, two buildings will be erected with 66 T0 apartments, 29 T1, and 100 T2, as presented by Housing Councilor Pedro Baganha at today’s executive meeting.
Rents will range between 525 and 830 euros, according to the “Porto com Sentido” program conditions, and the units will be leased to the municipality for “10 years, with the possibility of a one-time renewal for an equal period,” as noted in the proposal accessed by Lusa.
The project completion deadline is three years, with a housing lottery estimated for May 2029.
The contract will only be executed “when the registration of the lot adjustment in the Land Registry is completed.”
From the Bloco de Esquerda, councilor Sérgio Aires abstained, expressing disagreement with the ‘build to rent’ format and believing the so-called affordable rents remain inaccessible.
CDU councilor Joana Rodrigues, who voted against, also expressed doubts regarding the term “affordable” for the proposed prices.
In July, the municipality signed a protocol with Grupo Ageas Portugal for constructing 124 new housing units, also in the Campanhã area, for the affordable rental market.
