New property developments in the Algarve

The Algarve property has performed well in the past few months and in particular, the Western Algarve, house prices have soared up to 66 percent in the last three years. Clever investors can look this up as a viable option for investing a property in.

To accommodate everyone who has a keen interest in buying the Algarve properties, a new 97-villa resort has been launched in the Western Algarve, and with the building of the new property, it is hoped that investors come flocking in for the property. And literally, the Vale de Ouro is translated into the “Valley of Gold” and this is just exactly what its name stands for. The property will take three more years to develop and it costs around 42 million euros.

The Prestige Group, the company who is behind the project, are offering foreigners and tourists who would like to invest in the Western Algarve a bargain: a six-year investment option with a guaranteed three-month rental return of 5.5 percent after the project has been completed. Of course, the villas will be priced according to size and quality and the price of the smaller two-bedroom units is equivalent to 263,000 euros and the larger three-bedroom cost at around 304,000 euros, which is pretty cheap for an investor since the property is located in the Western Algarve.

This statement is actually supported by Paul Coghlan, chair of the Prestige Group, who says, “Prices in the Western Algarve are very much cheaper compared to other prices in the country since places outside Western Algarve are more highly developed but it is expected that Western Algarve would be equal to that of other places based on the demand for property in this area and based on how foreigners and tourists keep on looking around this place for a property.”

Posted on: Portugal

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New property developments in the Algarve

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