The municipalities of Faro and Lagos hope to separately raise around €15 million each by selling publicly-owned properties in order to pay their debts.
In Faro, the local authority is advertising a large amount of its patrimony in the hope that it will provide about €15 million in sales revenue.
Top of the list is an urbanisation site in Estoi with an area of more than 108,000 square metres which has a base value of €6.4 million.
The authority also wants to sell five properties in Vila Adentro at a base value of around €2.1 million, as well as the old beer-brewery factory (Fábrica da Cerveja) in the parish of Sé which could fetch around €2 million.
Macário Correia, President of Faro Câmara, admits that some of the properties have been on the market before but failed to attract buyers and hinted that prices might have to be reduced.
In Lagos, four properties worth an estimated €15 million are up for sale until the middle of next year at 10% reduction from the base price initially announced.
The President of the Lagos Municipality, Júlio Barroso, said the decision to reduce the asking price was because of “the crisis we find ourselves in” and to attract the interest of investors.
