By Roger Green
Despite the uncertainty in the Algarve housing market, caused by the economic recession, up-market properties in Quinta do Lago and other areas within the Golden Triangle still stand firm as a positive investment, according to local real estate expert Alison Buechner.
This is the confident message she delivered in a speech to more than 300 property owners in the Golden Triangle who attended a special event staged by Quinta Properties (associated with Savills) at the soon-to-be-opened Conrad Algarve Hotel.
She said: “I don’t have a crystal ball to see when the recession will end but, as a local real estate agent, I have insight into the property market, and newly-built top quality properties in this area still have excellent prospects. Prices will inevitably increase; our message is to be patient.”
She said that the market is emerging for beautifully presented four to five bedroom villas built to the highest standards with a pool and on the best plots. Currently, a total of 33 new villas in this category in Quinta do Lago have been finished and a further 27 are under construction.
In the last two months, brand new properties in Quinta do Lago have sold at between €3 million and €5 million.
Apart from the strength of the pound sterling against the euro, the tourism factor also helps to boost the investment potential – excellent climate, international accessibility, golf, safe environment for the family and there are also major tax incentives for investing in Portugal
“We are sitting in the middle of an oasis – a place which the Conrad researchers and analysts thought long and hard about as the place to operate a hotel that doesn’t just highlight their belief in the area, but which will attract a whole wave of new clients. This very building is fabulous news for our market. The investment fits with our belief that this remains a magnet for the top end of the market. We believe that prices here have a massive upside and that the profile of Quinta do Lago can only grow.”
Joachim Hartl, General Manager of Conrad Algarve Hotel, made a welcoming speech and the audience were later taken in groups on a guided tour of the hotel. They also heard a detailed guide from taxation expert Leendert Verschoor, of PWC, on the favourable tax regime in Portugal for the modern investor or businessman.
