Student Accommodation IS Investment Property in Portugal
The growing population of Portugals’ largest University district in Porto is experiencing a drastic shortage of suitable accommodation. Just 1216 ‘beds’ are available in student accommodation and the Spanish/Portuguese developer Maexpa International has recognised this shortfall and created Porto Oriente, in the heart of the University district, approximately ten minutes outside the city centre on the beautiful Green Coast (Costa Verde) of Northwest Portugal.
Porto, Portugals’ second largest city, is a major industrial and historic centre. Porto Oriente is located at the heart of the University District, where 28,000 students attend fifteen autonomous faculties. The Hospital S. João, which employs 10,000 staff, is also just under 5 minutes away.
The development is now complete and around 40% has been sold to local people, investors and parents of overseas students. Greg Clarke from Maexpa International in London says: “The Porto Oriente development is a fantastic addition to a balanced portfolio, offering a low risk long term asset with a clear exit strategy and an obvious rental market. The strength of the Porto Oriente development lies in the stability offered by the huge rental market literally on its doorstep, with prospective tenants coming from both the student population and the staff from the local hospital as well as the lack of modern residential property in the immediate area. Public transport is also exceptional, with the new Metro system servicing the immediate area and transporting passengers across the city of Porto. The motorway network and airport are also within easy reach.”
The 129 apartments are built in three different ‘blocks’ and range from studio to 1, 2 or 3 bedroom flats with a starting price of €94,325. Each apartment offers secure underground parking and storage. All property interiors are finished in a modern style and to the highest specification featuring steel plated entrance doors with safety locks, varnished wood interior doors, ceramic tiles to the kitchen and bathroom floors, granite work surfaces in the kitchen, gas central heating throughout and an integrated satellite television system.
Maexpa will be offering a 5% rental guarantee for the first 12 months after completion and full management for the first year, free of charge. Generally students attend the University of Porto for 3-4 years, thus the void period at the start of the tenancy will be borne out by Maexpa and upon transfer of the tenancy agreement after the guaranteed period of 12 months typically the tenants will extend their tenancy.
The city is home to around 250,000 people and approximately 1.6million reside in the Greater Metropolitan Area of Porto. Regular flights from most major British cities and the rapid spread of the English language as a business tool have resulted in developments springing up all over the City, with new apartments in the old port set to command prices in excess of £340,000.
Notes to editors:
Grupo Maexpa was established in 1989 and focuses on top end residential and commercial property developments. With its head office in Santiago de Compostela, Spain, Grupo Maexpa has expanded throughout the Iberian Peninsula. Portuguese and Spanish developments still make up the majority of its project portfolio but it has also expanded into Mexico, Morocco, Poland, Angola, Romania, Hungary and Slovakia. The group has grown steadily for many years, sales revenue rose from €145 million in 2003 to €210 million in 2005 and €290 million by 2006.
- Contact Information
- David Black
- International Sales Managaer
- Maexpa International
- Contact via E-mail
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