As many as 20 Portuguese families, comprising over 100 people, who have lived in three streets close to Costa da Caparica on the outskirts of Lisbon for 40 years face imminent eviction to make way for a new high-class tourist complex.
Australian property fund Acacia Point Capital has bought the properties and published its intentions to redevelop them for “multi-storey residential and touristic accommodation” late last year.
A statement on the fund’s website says it means to “capitalise” on Portugal’s “huge surge in tourism and strong demand for second homes located on the coast”.
But as left-wing councillors on Almada council explain, that does not help the families who have suddenly found their world turned upside down.
They are “young Portuguese with children and a lot of retired people living on low incomes”, say reports.
Pressure is now on centre-right Almada council to step in and rehouse these families.
Indeed, left-wingers say it is time to revoke the urban lease law and VAT tax breaks cited by Acacia Point Capital as having created “incredible residential and touristic urban rehabilitation investment opportunities” at the expense of poor local communities.
natasha.donn@algarveresident.com
