Earlier this month, Vilamoura, one of the Algarve’s top resorts, announced its plan for a 400-hectare second-stage addition to the development. The one-billion euro project represents one of the largest real estate developments in Portugal and provides strong backing for the Portuguese economy and the Algarve region.
Also this month, the Algarve took first place in our 2015 Annual Retirement Index this year thanks to its low cost of living, low cost of real estate, great weather, established expat community, new retiree residency program, and endless options for how to meaningfully fill your days and evenings. In addition, you can get by speaking only English, and we believe that this coast is one of the safest places on earth right now.
Speaking about the plans for expansion, Paul Taylor, CEO of Vilamoura commented: “We recognize that Vilamoura is already well known as a major travel destination throughout Europe. In the last few years Portugal has made huge strides to attract international inward investment through fiscal benefits and the successful Golden Visa Program.” (The Portuguese government recently reduced the minimum qualifying property purchase price on the “golden visa” scheme from 500,000 euro to 350,000 euro. The scheme is limited to qualifying property in certain districts.)
Eight times the size of Monaco, and with a marina that can berth up to 875 yachts, Vilamoura is one of the Algarve’s largest leisure developments and one of Portugal’s most important travel destinations. This transformational project presents a unique opportunity for investors to participate in the country’s strong economic and real estate recovery.
Vilamoura boasts the award of best International Marina of the Year 2015, five world-renowned golf courses, magnificent beaches, and a range of four- and five-star hotels.
The master plan is based around six lifestyle themes and promotes the highest quality of contemporary design and specifications, and a firm commitment to environmental sensitivity.
A key facet of this project will be Vilamoura Lakes which will comprise 250,000 square meters of natural landscaping, 1,900 residential units, five tourist-focused developments, and first-class retail and gourmet restaurant offerings that are all located within an environmentally considerate setting.
Portugal is currently thriving on the momentum of hope and economic recovery. One key factor that has contributed to the consolidation of the Portuguese economy is the gradual increase in foreign investment, a clear sign that Portugal has regained credibility and the confidence of foreign investors.
These new expansion plans for Vilamoura are well timed… and we’ll be keeping a close eye on developments in Vilamoura over the coming months.
Meantime, if you’re interested in finding out more about life in Europe’s most recent tax-free nation–with an excellent climate and lifestyle to boot–grab a copy of our Algarve, Portugal: Country Retirement Report.