September 4, 2007
Tee time for the Portuguese property market
The major region of the Algarve still seems a little bit underdeveloped when compared to Spain’s massive and huge roundabout southern coastline. This is assumed despite Algarve being the home of Portugal’s overseas property market and the most developed coastal strip in the country. But still, the Algarve still lives up to its name by offering a competitive market place with a range of resort and activities for the property foreign investors and for the whole family, which makes the Algarve still in the running for Europe’s hottest destination spot.
Oceanico, the Portuguese developer, is still one of the biggest players in this term.
Oceanico is doing well of transforming the Portuguese property development into one that is as competitive as that of Spain’s with its two luxury resorts located in the prime area, in Lagos and Praia da Luz, and with four further four and five-star projects in development in the Western Algarve and the others in the Silver Coast on the Azores.
“Our developments are just for bringing the Westerm Algarve as a tourist destination for holiday makers and for tourists – not as a competition,” explains Oceanico Golf Course Project Manager Steve Richardson, “We want the Western Algarve to compete with other hot spots in the region too.” There are still other developments for the Algarve, such as the recent purchase of five world-class golf courses in Vilamoura and the development of the Amendoeira Golf Resort – a five-star 640-acre development near Silves, with Nick Faldo and Christy O’Connor designing the championship golf courses and of which members will have access to the seven golf courses – and there is no reason why many individuals are seeking for a good play here in this region, for both individuals and golfers alike.
Bill Barratt, a non-executive director at Oceanico says that this is the right time for Portugal. “It is ripe for the picking,” he says. “There is just so unique about it still.” And with cash appreciation remaining strong and steadfast, the Portuguese market is on the way to go.
Posted on: Portugal
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