According to a report by idealista, the Duque de Loulé 79 building is almost finished and represents an investment of €14 million.
In August 2018, the Duque de Loulé 79 building, located on the avenue of the same name, very close to Marquês de Pombal, was sold. Now, almost five years later, the building, which has been renovated, will be ready to welcome new tennants with 34 new apartments that will be placed on the rental market. And the objective is to attract Portuguese tenants, Georges Matar, General Manager of the Cypriot company Immobilo Investments Ltd, responsible for managing the property told idealista.
“We have confidence and believe in the real estate market in Portugal, and we think there is a need to increase the supply of well-located houses for rent”, Georges Matar told idealista/news, revealing that the company he leads is just the manager of the development. The real estate developer responsible for its development is the Portuguese Cedars, made up of a group of foreign investors, he explains, noting that Immobilo Investments Ltd manages Cedars' projects in Portugal.
The building is known for being the former home of footballer Cristiano Ronaldo. In 2001, it was “the home” of Cristiano Ronaldo and other young Sporting players, who lived there for some time.
The Portuguese footballer, when he was just 16 years old, shared a room – number 34 – in the building with his friend Miguel Paixão. The Sporting Academy, in Alcochete, was under construction at the time. “It could be better, but to fix it, until we go to Alcochete, that's okay”, said Cristiano Ronaldo in 2001, in an interview with Sport TV.
When asked about the target audience for which the properties are intended, he points the finger at the national market and reveals that the focus is on offering services that can make a difference. “We are creating a brand and we are going to put the three projects that we have in under one brand, each of which will have specific services. At Duque de Loulé, for example, it will be a long-term lease with a selection of useful services for families. There will be, for example, an app through which it will be possible to rent a bicycle. And there will be more services, but we are still working on that.”
One thing is for sure, they are properties intended for the traditional rental market, not for Local Accommodation (AL). “Tenants can rent the houses for one year, two years, but with services included”, he says.