According to SAPO, the company Finangeste is vigorously advancing a large-scale real estate project in the Faro region, aiming to provide 1,461 “affordable” housing units for local residents, in order to ease housing pressure and promote urban development.
The project, named the Vale da Amoreira Urbanization Plan (PUVA), is located in the areas of Penha and Vale da Amoreira, covering a total area of 21 hectares. The planning is highly comprehensive, including not only 1,461 housing units, but also commercial zones, office buildings, student dormitories, and medical facilities, with the potential to greatly transform Faro’s urban landscape.
Finangeste is working in collaboration with an international investor to jointly develop the project. Located just over one kilometer from the center of Algarve’s capital, the total construction area reaches 168,000 square meters, divided into multiple plots with clearly defined functions—covering residential, commercial, office, student housing, healthcare, and senior care facilities—designed to meet the diverse living needs of the population.
In terms of housing development, the consortium plans to gradually release the 1,461 housing units to the market over the coming years. According to the official statement, the project is committed to “providing high-quality housing at reasonable prices for Algarve residents,” injecting new vitality into the local housing market and improving the quality of life for the population.
Currently, the real estate project is progressing steadily in phases, with around 60% of the infrastructure works already successfully completed. Notably, the plan also includes the development of an urban park spanning more than 10 hectares, which, once completed, will become “the largest green space in the city of Faro,” offering residents a high-quality area for leisure and relaxation.
This major project brings together many renowned companies, including construction firm Casais, CPU Architects, GEG Engenharia, and Oyster PM Fiscalisation. The landscape design is led by the acclaimed architect Álvaro Manso, and the collaboration of these professional teams provides strong support for the successful implementation of the project.