The auction of 42 luxury homes, which was conducted by the American real estate investment and services firm Kennedy Wilson at the Tivoli Victoria Hotel in Vilamoura on June 22, was deemed a success, with all properties sold during the event.
The residences, owned by Lusort and valued between €140,000 and €320,000, are located in four different luxury resorts in Vilamoura: Monte Laguna, L’Orangerie, The Victoria Gardens and Sunset Villas.
The auction attracted mainly the national and British markets, although other countries also took part and some bids were made via the Internet.
There was no reserve starting price for the properties, but the sellers had the right to decide whether or not they would sell, depending on the offer.
“With no starting bids, this auction provided an opportunity for year-round and resort homebuyers and investors to purchase at excellent prices,” stated Rhett Winchell, president of KW Auction Group, adding that five properties were sold to the highest bidder.
According to the company, Vilamoura is one of the most sought-after areas in Europe due to its “climate and natural resources”.
The auctioned houses are located in an area surrounded by golf courses, near the Vilamoura and Falésia beaches. Offering sea views, they are equipped with the highest-quality equipment and cover between 99sqm and 190sqm.
Kennedy Wilson has not yet made public the total amount of money raised from the auction.
