Drago Announces €5 Million Rehabilitation Project in Lisbon's Santos District
The Spanish real estate investment and asset management company, Drago, has officially announced a new rehabilitation project in Lisbon. The firm will invest five million euros to convert a historic 19th-century building in the Santos neighborhood into a luxury tourist accommodation complex. The project, named Casa de Santos, will feature nine high-end apartments across a total area of 2,000 square meters.
The project specifications detail a careful restoration of the building's original Pombaline-style facade, a distinct architectural feature of Lisbon. Drago has partnered with the acclaimed Spanish designer Lorenzo Castillo to oversee the interior design, with a stated goal of blending the building's historical character with modern comforts. The design will incorporate noble materials such as marble, stone, and wood to preserve the property's heritage value. The construction and execution of the project will be managed by TAKK Group.
The construction timeline indicates that work is scheduled to commence in October 2025, with a projected completion date in the autumn of 2026. Drago acquired the property following the 2008 financial crisis, and this development is aligned with the company's broader investment strategy. A press release from the company stated that the project is part of its commitment to urban regeneration and the sustainable transformation of heritage real estate assets in historic locations across southern Europe.
The planning permissions for the project have been secured, and the investment is fully financed. The choice of the Santos district is strategic, given its reputation as a vibrant cultural and design hub in Lisbon, which has seen a significant increase in property values and tourism interest over the past decade. The project is expected to create a number of temporary jobs during the construction phase and permanent positions once the tourist apartments are operational.
A representative from the Lisbon municipal planning department noted that such rehabilitation projects are welcome as they contribute to the preservation of the city's architectural heritage while addressing the demand for high-quality tourist accommodation. The Casa de Santos project is one of several high-end developments currently underway in the Santos and Lapa neighborhoods, reinforcing the area's status as a prime location for real estate investment in the Portuguese capital. Monitor new development opportunities at realestate-lisbon.com.
