Belgian property developer Krest is investing €120 million in the Arcoverde project, which will see the construction of 175 flats in Paço de Arcos, spread across seven buildings. Construction is set to begin in the fourth quarter of 2025. So far, 40% of the available units have already been reserved.

The apartments will range from one- to four-bedroom units, between 53 and 270 sqm. Prices start at €380,000 and go up to €1.8 million.

Krest’s Chief Servant Officer, Claude Kandiyoti, describes the development as the company’s first “neighbourhood within a neighbourhood” concept, aiming to create an “open oasis” for the community. The total development area covers 34,000 sqm, with 25,000 sqm allocated to residential and commercial spaces.

The investment is a joint effort between Krest and fellow Belgian developer Revive. Krest has previously invested €153 million across three other residential projects in Lisbon, Oeiras, and Alvor, and plans to invest €200 million in Portugal over the next four years.

Kandiyoti highlights the contrast between stagnating Northern European property markets and Portugal’s dynamic real estate environment as a key reason for this investment. Despite growing urban pressure, particularly in Oeiras, the project boasts good transport links and proximity to major business hubs. Krest has incorporated a sustainable approach to mobility in the planning of the development.