Portugal Real Estate News
Residential Bank Valuations Up 5.7% in the First Two Months of the Year...
The new mortgages issued by financial institutions in Portugal totalled 1.967 billion euros in the first two months of the year.
According to AICCOPN’s (Association of Civil Construction and Public Works Industries) Statistical Synthesis of Housing, the figure is equivalent to a growth of 3.7% y-o-y. Bank valuations conducted during the mortgage application process rose by 5.7% to a new high of 1,174 euros/m2.
New licenses for residential construction or refurbishment, issued by Portugal’s Municipal Councils, fell by 6.1% year-on-year during the first two months of 2021. New builds fell by 2.8%, and renovations dropped by 17.9%.
The analysis also revealed that new licences issued for constructing dwellings in new buildings fell by 20.1% y-o-y, to a total of 3,733.
At the same time, cement consumption in the national market remained practically unchanged compared to the same period last year, falling by 0.2% in the first two months of the year.
AICCOPN highlighted the North Region, where the number of licensed dwellings in new builds totalled 10,962 in the twelve months ending February 2021, a 6.7% increase compared to the 10,272 dwellings approved in the previous twelve months. Of these, 53.9% were three-bedroom homes, and 22.1% were two-bedroom dwellings. Bank valuations in the region rose by 6.4% in February to 1,024 euros per square metre.
BorgWarner Invests 25 Million Euros in New Factory in Viana Do Castelo
30 April 2021...
BorgWarner will invest 25 million euros in a new facility located in Viana do Castelo, creating 300 new jobs.
The new factory, which will go up in the Lanheses Business Park, will cover 17,000 square metres and is due to start production in 2023. After the group selected Portugal as a future centre for its European expansion, this will be the US multinational’s third investment in the municipality.
BorgWarner currently has a turnover of 170 million euros in Viana do Castelo, and it is expected that this figure will double with the new investment. The group is a leader in propulsion systems for combustion, hybrid and electric vehicles. Following the trend towards increased interest in electric cars, the company intends to provide innovative and sustainable mobility solutions for the automotive market.
Ricardo Moreira of BorgWarner Portugal considers that this is an investment for the future since the firm believes that around 45% of its turnover will be in electric vehicles by 2030. “We will already see the start of construction of this unit in the coming months,” he said, explaining that the new factory will be the third in Europe in this business sector and will produce electric motors for the group’s European customers.
BorgWarner began operations in Viana do Castelo in 2014 in a 25-million-euro investment that, at the time, estimated it would create 500 jobs but currently employs around 950 workers. In November 2020, the company signed an investment contract to move ahead with a €7-million expansion of its facilities in the Parque Empresarial de Lanheses, which will create 38 more jobs.
The American multinational has 50,000 employees in 96 locations and 24 countries. In 2020, the group reported sales of US$10.2 billion.
Source: AICCOPN / LUSA
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