Portugal Property

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Portugal as a destination for second homes in Europe

Date: 7/2/2008

Portugal, and the Algarve in particular, have the potential to play a major role in the European property market over the next ten years and to be acknowledged as prime destinations in Europe. Factors such as a mild climate, low construction indexes, closeness to key European cities, a secure environment and the Portuguese way-of-life will all contribute to carve out a special role for the country in the global market.

The many developments currently being built in the Algarve, as well as the involvement of major international luxury hotel chains in the Portuguese property and tourism market clearly reflect the country’s ability to attract investors and key players to its territory.

The new resorts that will open in the near future do not pose a threat to more established ventures such as Vale do Lobo. Quite on the contrary, they represent a positive development and a competitive advantage for the region as a whole, as they will contribute to project the Algarve more forcefully onto the international scene. Planning for the future, the Algarve as a region should aim to establish a growing number of quality resorts so as to attract customers who currently opt for other destinations in Italy, Southern France, certain regions of Morrocco, Costa del Sol, etc.

There is obviously still a lot to be done in terms of the road network, urban planning and so on. All this requires an in-depth, structuring approach that goes beyond the individual merits of development A or resort B, but that is essential as it will contribute to enhance the overall quality of the market and its attractiveness as a destination for second homes. Some signs are emerging that there is greater awareness for such issues.

A case in point was the adoption, at the end of the Summer, of standardized tourist information signs and panels throughout the 16 districts of the Algarve Tourism Region (Região de Turismo do Algarve). Lisbon will be the second region in the country to get such standardized information materials and resources.

Public agencies and private entrepreneurs are fortunately becoming more aware of these underlying issues that have a bearing on the development of tourism, which is generally considered a strategic area for the development of Portugal’s economy. Source: Vida Imobiliária

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