Exciting new development plans will hoist Portugal’s Algarve into the global tourism spotlight, cementing the Golden Triangle as a world-class tourist destination. Could now be the perfect time to buy a property there?
Article written by The Overseas Guides Company
A €1-billion plan for a new phase of development in Vilamoura, a world-class resort that forms part of the famous Golden Triangle, has been unveiled, representing one of the largest real estate developments in Portugal and making it an exciting time to invest in property there.
Vilamoura already boasts five world-renowned golf courses, magnificent beaches, a range of four and five-star hotels, and a marina that was crowned ‘International Marina of the Year 2015’. The new Vilamoura Master-Plan, which will include 18 development projects covering a total of 400 hectares, comes at a time when the Portuguese property market is recovering. Prices there are stabilising, new and off-plan projects are in short supply, and mortgages are cheap and accessible to foreigners.
The Master-Plan is based around six lifestyle themes, namely Vilamoura Marina, Vilamoura Golf, Vilamoura Active, Vilamoura Villages, Vilamoura Estates and Vilamoura Lakes, and different areas will offer a mixture of residential, leisure, tourism and retail units. Buyers are already able to invest in the new projects.
A highlight will be Vilamoura Lakes, which will embrace lakeside landscapes to create one of the leading lake resorts in Europe. It will comprise 250,000 sq metres of natural lakescape, including 1,900 residential units and five tourist-focused complexes, comprising 3,600 beds and first-class retail and restaurant outlets.
Vilamoura has also provided details of the planned enhancement of its marina area, which will encompass a new international Yacht Club, a branded spa and gym, together with three restaurants and boutique shops.
Paul Taylor, CEO of Vilamoura World, which is overseeing the Master-Plan, commented: “Our Master Plan has a clear objective to transform this great location into the leading resort destination in the Algarve. In the last few years Portugal has made huge strides to attract international inward investment through fiscal benefits and the successful Golden Visa Programme. Vilamoura provides a major investment opportunity in the future of Portugal. The country is on the road to recovery and Vilamoura is proud to play a key role in this national renewal. Vilamoura is leading the charge.”
Marina Pasquill who runs the Vilamoura office of PortugalBuyingGuide.com, which helps Brits buy in Portugal, said: “Vilamoura does need better infrastructure and retail outlets, that is no secret, and this development will help achieve that, as well as putting this part of the Golden Triangle as much in the spotlight as Vale do Lobo and Quinta do Lago. Vilamoura’s Marina area, close to our office, will also be upgraded to include a new yacht club, spa and gym, restaurants and boutiques, which we’re very excited about.”