New property developments in the Algarve

New property developments are springing up in the Algarve as overseas property investors continue to look to Portugal for strong returns on their money.

For the canny property investor, the Algarve has performed consistently well in the recent times. In particular, in the Western Algarve house prices have increased as much as 66 per cent in the last three years.

In keeping with demand, a new 97-villa resort has been launched in the Western Algarve. If its name is anything to go by, it could be a potential goldmine for investors. The Vale de Ouro literally translates as the ‘Valley of Gold’. Its cost is an estimated 42 million euros and it took three years to develop.

The company behind the project, the Prestige Group, are offering interested parties a six-year investment option with a guaranteed three-year rental return of 5.5 per cent once the development is completed. The villas will range in size and price with the smaller two-bedroom units starting at around £263,000 and the larger three-bed options at around £304,000.

Paul Coghlan, chairman of the Prestige Group, commented: “Prices in the Western Algarve are currently lower than in the more developed central Algarve resorts but we expect this gap to close extremely quickly, based on appreciation seen in the region already”.

Posted on: Portugal

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New property developments in the Algarve

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