LISBON, Jan 10 (Reuters) - Spanish property developer Kronos Homes will build up to 240 apartments in Lisbon’s Expo area in an investment worth 100 million euros ($115 million), the company said on Thursday.
The project will be one of the biggest in Lisbon dedicated to the residential market after a property boom in Portugal’s capital in the past few years that has been dominated by the conversion of smaller, older buildings into new flats.
The Spanish developer has bought an area covered by a car park and will build four buildings from scratch. Kronos said in a statement that construction will begin next year and the first flats will be ready from 2022.
Lisbon’s modern Expo area lies east of the centre and is where the city built a number of large pavilions to host the Expo ‘98 World Fair. It is dominated by modern high-rises along the Tagus River and is where tech conference Web Summit is held every year.
Lisbon’s property boom has been dominated by foreign buyers who have snapped up relatively cheap flats in the centre but with prices having risen sharply some developers are moving to outlying areas. ($1 = 0.8669 euros) (Reporting By Axel Bugge; editing by David Evans)