March 16, 2007
What’s new in Portugal’s property market?
Property prices in the country have risen at around 15-20 percent per annum since 1993 due to the revised planning regulations of Portugal’s property market to guarantee that the new developments are at par with the surroundings of the property.
But still, even if the prices have already risen that high, lots of foreigners still flock to their dream property in Portugal. This is because the prices of properties in Portugal are still much lower compared to other European destinations and these destinations are still relatively higher than that of Spain due to higher land costs. The properties here still remain one of the most famous. The most popular destinations here in Portugal are Algarve and still getting their own ounce of popularity are Silver Coast, Altenjo and Costa Verde.
There are currently two new phases being built in the Parque de Floresta resort in the Western Algarve. The resort, located in the border of the Cosat Vicentina Nature Reserve, has full-blown amenities. It consists of spa, full-range of sporting facilities and has its own golf academy. The other latest phases, located in Quinta de Encosta Velha, are situated beside overlooking a nine holes golf-range. The two to three-bedroom golf-village houses are homes to communal swimming pools, each with their own private gardens. The costs here amount to 397,500 euros. For a fractional freehold ownership, the twelfth shares prices to 36,075 euros. Properties can be availed through the Vigia Group.
Interestingly, there is the off-development project by the MRI marketing geared towards Atlantico Village on the Silver Coast. The new project is located by the edge of Leira’s Pine Forest in the seaside town of Pedra de Ouro, near the beaches and the golf course. The development has huge one- to two-bedroom apartments, fully-furnished with air conditioning, heated bathroom floors, Bosch appliances and kitchens, and aluminum double-glazed windows. The cost begins at 155,000 euros.
Although these properties are still not comparable to that of Spain’s, this is not the last time that these properties are being developed. More and better are still yet to come.
Posted on: Portugal
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