Portugal Property

  • Today is Tuesday, January 06, 2009   |  Select language

You are at: Home News

News

Algarve: Race Track Will Boost Algarve Property Market

Date: 3/10/2008

The Algarve has been popular with tourists for years and now with the opening of the Autódromo Internacional do Algarve just around the corner, the region is gearing up for even more visitors.

Already an area that is renowned for its golf courses, big game fishing, sailing and scuba diving, the race tack is expected to bring a further one million tourists a year to the Algarve.

The ambitious race track, which is under construction in Portimão, will be open for the Portuguese round of the Superbike World Championship scheduled for November 2, 2008.

As well as the circuit, the project also includes a karting track, technology park, five-star hotel, sports complex and numerous apartments.

The complex occupies an area of nearly 300 hectares, including a racing track offering 64 variations, the longest being 4,692 metres for Formula 1 competitions. The circuit has already been approved by FIA for Formula 1 and by FIM for the Moto Grand Prix.

Located in Escapadinho, in the foothills of the coastal town of Portimão, around €195m has been allocated to the development of the Autódromo, making it the biggest investment ever in the Algarve.

With Faro airport just an hour away and an additional road from the A22 motorway being built, access to the area will be easily achieved.

Portugal has not featured on the Formula 1 calendar since the 1997 season, when Jacques Villeneuve won the final race held at Estoril.

It is expected that more than a 1,000 new jobs will be created by the Autódromo project and tourist levels will substantially increase as visitors flock to see the sporting contests, all of which will have a positive impact on the local and national economy.

The development and promotion of the complex may also have a positive effect on the local property market. Any growth in employment and tourism trade, especially during the off-peak season, should create higher occupancy rates for buy-to-let investors.

Already a good area for rentals due to its frequent visitors, the Algarve also has some of the highest property prices in Portugal, according to Global Property Guide research. The region continually seems to perform independently to the rest of the country, supported by its golf and beach tourism. Source: homesworldwide.co.uk

News

top