This project has temporarily been taken out of the market.
Lisbon Square is a mixed-use project with residential, retail, and serviced apartments in the heart of Alcantara. It is 3km away from Baixa and Marques de Pombal.
Prima Collection at Lisbon Square is the first phase of the project, which will include serviced apartments that are managed on a short-term basis, as well as commercial units. The serviced apartments will come with a rental guarantee for the buyers.
This article delves into the details.
What is Prima Collection?
Prima Collection is a luxury property management company for short term rentals. The company already has three active locations in Lisbon, and they plan on expanding to other pan Mediterranean cities.
The development company in Portugal, Optylon-Krea has a sister property management company called LovelyStay. They have more than 300 apartments under management for short-term rentals. The buyers of the Lisbon Square serviced-apartment units will benefit from special discounts on other Prima Collection properties under management.
The serviced apartments are sold with a short-term management contract that promises an annual 3% rental income for three years after being operational. After the initial three years, the rental income will be switch to a revenue share model. The property is rented out with a concierge service, housekeeping service, and other add-on services.
This type of residential real estate packages with short-term rental guarantees is common among Portuguese real estate developers. It is particularly popular among international buyers, especially Golden Visa clients.
Lisbon Square Project at a Glance
Area
LisbonSquare project will cover 25,0000 m2 and feature two large courtyards.
Location
The mixed-use development is located in Alcantara, right next to the new CUF hospital.
Phases
The project will cover two phases: Square A and Square B.
Square A will have modern apartments and retail stores; this phase will be launched in the second half of 2021.
Square B will have rehabilitated warehouses that are repurposed as serviced apartments and retail units.
Completion
The project is expected to be completed in late 2023.
Rental Package
The serviced apartments come with a furniture pack, which will be subject to VAT.
The rental guarantee will be 3% of the purchase price per year for three years.
Apartment owners will get 8 days of free usage per year.
The apartment owners can opt to self-use their units by taking them out of the rental pool and starting to pay condominium fees.
Pros
- Up and coming neighborhood for both locals and tourists: Alcantara
- Next to CUF hospital, the largest hospital in Lisbon, and one of the largest in Iberia
- Most units qualify for 350,000 Euro renovation option of Golden Visa
- Golden Visa legal package
- Escrow option
- Rental guarantee
Cons
- Construction has not started yet
- The rental guarantee will only be received after the construction is complete
Get More Information
Learn more about the details of Prima Square Lisbon Square project, the available units, prices, the project鈥檚 pros, cons, and if it is right for you.
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