New Partnership to Develop Largest Affordable Housing Project in Western Algarve
The development of Vale da Pipa Residence, poised to be the largest private affordable housing project in the Barlavento (Western) region of the Algarve, is moving forward under a new joint venture. Carvoeiro Branco, a real estate developer based in Lagoa, has partnered with the northern Portugal construction and engineering firm Teixeira, Pinto & Soares, S.A. (TPS) to execute the project. The development has already registered over 200 expressions of interest, highlighting the significant demand for affordable housing in the region. The project, located in Lagoa, will consist of 304 apartments with one to three bedrooms (T1-T3) and an additional 20 plots designated for the construction of single-family homes. The development was conceived to cater to young people, families, and local professionals by offering housing solutions at prices adjusted to the local economic reality under the banner "Housing for All." Situated on the periphery of Lagoa, the project site is close to schools, services, and provides quick access to the A22 motorway. The master plan includes parking, storage units, green areas, and playgrounds. Erik de Vlieger, CEO of Carvoeiro Branco, stated, "The joint project between Carvoeiro Branco and Teixeira, Pinto & Soares, S.A. (TPS) reinforces the business and technical capacity necessary for the realization of this benchmark development in the Algarve." The partnership extends beyond this single project; TPS has also been contracted to build The Court, a separate 104-apartment tourist development in Carvoeiro, also promoted by Carvoeiro Branco. The two companies are exploring further collaborations, signaling a long-term strategic alliance aimed at developing more projects in the region. Monitor new development opportunities at realestate-lisbon.com.