November 3, 2007
What’s new in Portugal’s property market?
Since 1993, when revised planning regulations were introduced to Portugal’s property market to ensure that new developments fitted with their surroundings, property prices in the country have risen at around 15–20 per cent per annum.
However, despite being more expensive than some emerging European destinations and generally higher than Spain due to higher land costs, Portugal’s property market is still one of the most popular with British buyers looking for a holiday-home abroad. The Algarve still reigns as the top British choice of destination in Portugal, but the Silver Coast has seen a rise in popularity in recent years. Even places such as Alentejo and Costa Verde are now on the property buyer’s map.
Two new phases of the Parque da Floresta resort on the Western Algarve are currently underway. The resort on the borders of the Costa Vicentina Nature Reserve has its own golf academy, spa and full range of sporting facilities. The two latest phases that make-up Quinta da Encosta Velha overlook the front nine holes of the golf course. Outright ownership of two-, three- and four-bedroom golf-village houses provides access to five communal swimming pools, each with a private garden. The price starts from 397,500 euros. Fractional freehold ownership of the same properties starts from 36,075 euros for a twelfth share. Properties are available through the Vigia Group.
Alternatively, MRI is marketing an off-plan development set in Atlantico Village on the Silver Coast. The development is by the edge of Leiria’s Pine Forrest in the seaside town of Pedra do Ouro, 200 meters away from beaches and surrounded by three new golf courses. Large one- and two-bedroom apartments with heated bathroom floors, fully installed air-conditioning, fully equipped kitchens with Bosch appliances, and aluminium double-glazed windows. Prices start from 155,000 euros.
Although it does not boast the pace of development set by neighbouring Spain, the above properties will by no means be the last to be heard from Portugal’s property market.
Posted on: Portugal
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