Portugal Property: The Algarve Attracts Investors From Spain
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Portugal Property: Villas in the Algarve
Property investors are beginning to turn away from Spain in favor of Algarve, Portugal thanks to the number of planning choices now offered by Algarve Golf Resort Wise. Even during in a declining real estate market in the rest of the continent, Portugal's government has been able to keep a lid on construction in the country's south coastal region, requiring new villas to meet the aesthetics of the areas in which they were to be built. The strategy has paid off handsomely for investors, with property values in Algarve rising an average of 2% over the last year, with prices at a relatively modest 1,429 per square meter.
The value of Algarve property is expected to continue its rise this year as well, drawing even more investors away from the traditional Spanish villa. Offering a beautiful climate year round, lovely beaches and golf courses for enthusiasts, investors abroad are realizing just how great the long term investment potential of this area's real estate is.
Investors from the UK and other countries which have gotten off to a stronger start in recovering from the recent global recession are taking advantage of the many opportunities presented by Algarve real estate. These investors are generally more affluent than the average investor, just as the area is known for a more upscale crowd of residents and visitors alike.
It's also predicted that Algarve will be seeing more tourists this year. Part of the Portuguese government's rationale for the laws regarding construction in the region is to continue to draw affluent tourists from abroad. While Algarve has long been a popular vacation spot for Western Europeans, cheaper flights and vacation packages are expected to bring greater numbers of visitors from Scandinavia, Russia and Eastern Europe.
In the midst of all this economic activity in the Algarve region, there's also the news that Vilamoura is set for some rejuvenation as well.
Tivoli Marinotel, Vilamoura, will be undergoing a 1.3 million Euro renovation and redevelopment project. Inframoura, the firm which handles maintenance for Vilamoura's public spaces will be performing the work in three stages after the summer season has ended in order to prevent impacting tourism.
The first stage of the project will involve new asphalt paving made from recycled tires and a new textual pavement system to enable visually impaired visitors to easily navigate the area. Modern, energy efficient LED street lighting and furniture designed by the architect Alvaro Fernandes de Andrade will also be added during this phase.
Inframoura has stated that the initial phase of the project will affect what is known locally as the "hotel ring road"; the area just south of Rua do Sol which includes Avenida Tivoli and Avenida da Marina. A company spokesperson has also mentioned that the decision to focus on this area of the resort was due both to the area's commercial and residential importance to the resort as well as the area's need for repairs and upgrades.
Safety and Convenience
Inframoura has also mentioned that the redevelopment project will offer Vilamoura's visitors, residents and business owners alike new and more accessible routes as well as additional safety.
The next stage of the project will focus on rejuvenating the areas north of the marina, beginning at Rua da Botelha.
The third phase of the project will include an extension of the training circuit and green corridor all the way from the Vilamoura beach promenade to Avenida Eng. Joaquim Meireles.
For more information on Property for sale in Portugal, Algarve Villas, or some of Portugal's leading real estate investments please contact the Portugal Property team via freephone on 0800 014 8201 or send an email to: info@portugalproperty.com
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