Acacia Point Capital buys 28 properties in Costa da Caparica
Acacia Point Capital has acquired a portfolio of Portuguese beachside residential properties in Costa da Caparica, one of Lisbon’s most popular surf beaches situated a 20-minute drive south of central Lisbon. The portfolio comprises 28 single storey cottages with a collective site area of 8,200 sqm. The properties will be redeveloped for multi-storey residential and touristic accommodation, capitalising on the country’s huge surge in tourism and strong demand for second homes located on the coast.
The Costa da Caparica coastline extends for 24 kilometres along the western edge of the Setubal Peninsula, and is one of Europe’s longest continuous sandy shorelines. It is famed for its consistent surf, beach bars, seafood restaurants and impressive natural scenery. It is a popular year-round destination for Lisbonites and attracts vast numbers of sun-seeking European tourists from March until November.
Matthew Walker, Managing Director of Acacia Point Capital said:
“The Portuguese economy continues to accelerate with the full-year 2017 GDP growth anticipated to hit 2.6% and unemployment declining markedly. It has been another record year for tourism, a key driver of the country’s economic recovery. Its warm climate, impressive beaches, medieval castles, golf, wine, gastronomy, and its recognition as being a safe and stable destination, has lured vast numbers of tourists. In addition, Lisbon has become one of Europe’s top destinations for expatriates with a growing number of foreign residents, lured by Portugal’s special tax regime that incentivises foreigners to reside and invest.
The occupier-demand side of the investment equation is strong, which together with favourable changes to urban lease law and the VAT tax breaks introduced to benefit construction and demolition, create incredible residential and touristic urban rehabilitation investment opportunities in Lisbon and Porto. We have a pipeline of compelling opportunities in 2018”.