Plans to build a new city in the north of Portugal moved a step closer to becoming reality after major UK-based Quintain property firm yesterday agreed to provide property advice over the next two years.
Urban technology firm, Living PlanIT, wants to develop a 1,700ha city at Paredes in the north of Portugal at a build cost of around £340 million.
The construction of the large-scale mixed use development, which will feature a number of new build homes, will see a new approach to design, construction, operation and maintenance, enabling cheaper, faster and higher quality developments, according to the developer behind the scheme.
Adrian Wyatt, chief executive of Quintain, said: “This agreement capitalises on Quintain's core skills and expertise in its natural marketplace of urban development... it delivers the real estate capabilities necessary to translate the model into real cities.
Living PlanIT co-founder Steve Lewis added: “Cities occupy two per cent of the Earth's land mass but consume 75 per cent of its resources. World urbanisation and population growth [increasing from 50 per cent of mankind currently living in cities to 69 per cent by 2050 according to the United Nations World Urbanization Prospects 2007 Revision] demands an accelerating urgency to change the way that buildings, infrastructure and cities are built and operated.”
While most Brits who buy property in Portugal traditionally opt for homes in Algarve or Silver Coast, Northern Portugal is growing in popularity, particularly homes in Porto.