September 19, 2006
Excellent investment opportunities’ in the Algarve
News reports have reported that the Western Algarve is very much proper and very much ripe for the picking when it comes to strong rental demand as those people and foreigners investing abroad should take this into consideration.
It was reported by the Prestige Group that the average hotel and apartment occupancy in the Western Algarve back in 2005 was 77.6 percent and with approximately 3,000 hours of sunshine the whole year through, this is definitely surprising and quite amazing.
An estimate if 15 million tourists visit the Western Algarve year after year and the figure is expected to double at around 45 million when the year 20202 comes around.
It is quite suspected that tourists and foreigners come flocking to this part of the region because of its golf resorts and 14 percent of all the tourist revenues come from this part of the arena. Just like Spain, investors and property buyers from Western Algarve will most likely enjoy and have fun when playing this type of sport.
The reputation of the Algarve has preceded itself and it is amicably noted that the area is known for its leading resorts of golfing enthusiasts, which would mean it attracts foreigner, tourists and property investors from all walks of life to this quaint little city. Golf resorts and the fun that they would experience here go well beyond the summer season and in fact, just all year round.
According to the chairman of the Prestige Group, Paul Coghlan, he said that the Western Algarve is a very prime destination to invest in. “The decision for this is based on the amount of money being invested in this part of the world – with an average of two bedroom villas with pool with a starting cost of 270,000 compared with 500,000 in the prime resorts of the Central Algarve, making it such a long-term potential for investors.”
As for the capital growth in the Western Algarve, it has accumulated 66 percent over the last three years, as compared to 15 percent in the last 18 months over the rest of the Algarve.
Posted on: Portugal
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