Contract for the construction of 195 affordable rental units in Porto

Porto City Council approved this Monday the signing of a promissory contract with a private entity for the construction of 195 new homes near the Mercado Abastecedor in Campanhã. The goal is for them to be placed on the municipality's affordable rental market.

The proposal, approved with the CDU councilor voting against and the Bloco councilor abstaining, calls for a lease agreement to be signed with Lusares — Sociedade Imobiliária SA, which will build the homes and lease them to the Porto municipality. The City Council will then place them on the affordable rental market, as part of its "Porto com Sentido" program, by subletting them.

In addition to the signing of the promise contract, the proposal also serves to authorize the commitments inherent in this contract for the years 2029 to 2039, which have a value of 6,032,000.00 euros.

On the 22,400-square-meter site on Rua da Arada and Avenida de Cartes, two buildings will be constructed, each with 66 studio apartments, 29 one-bedroom apartments, and 100 two-bedroom apartments. Rents will range from €525 to €830, according to the terms of the "Porto com Sentido" program.

The properties will be leased to the municipality for “10 years, with the possibility of renewal once and for the same period” and the deadline for completion of the work is three years and the drawing for the houses is estimated for May 2029.