Luxury property in the Algarve has lost none of its appeal to British and other foreign investors, after one of the region’s leading resorts, Quinta do Lago, reported that it has now sold most of its latest development.
Quinta do Lago confirmed that 75 per cent of the 26 plots at its San Lorenzo North development, which range from 2,000-3,000 square metres, have been purchased, including to British and Irish buyers. Plots cost between €2.3million and €3.5million and come with lake, golf course and pine-wood views of the Ria Formosa Natural Park, as well as the opportunity to construct a luxury home within a sought after development.
Ground-breaking will take place on the first two plots this autumn. Meanwhile, the show villa is open, highlighting the desirability of property ownership at Quinta do Lago. As well as leisure and dining facilities, the resort offers property management and rental services, as well as security, concierge and landscaping.
Buyers at San Lorenzo North thus far have been from Britain, Ireland and Portugal and as sales consultant Jamie Robinson explains, interest has been consistent over recent months with purchasers attracted by the opportunity to invest at an early stage; “As we enter our busiest selling period, we have been very encouraged by continued buoyancy in the market which has resulted in the further sales of Phase 1. San Lorenzo North offers purchasers a rare opportunity to buy into one of Europe’s most cherished destinations with unrivalled infrastructure and exemplary facilities.”
An advisory firm for tourist resorts in Portugal said in October that 92 per cent of leading property agents in the Algarve have reported higher confidence levels during 2013. It also reported that in the luxury end of the market, detached villas represented 46 per cent of all sales and volumes were up by one per cent compared to the end of 2012.