Portuguese development brushes off property slump
Demand for residential property and second homes on Portugal's west coast is booming, with property values soaring, despite concerns of the UK property slump infecting Europe.
Portugal's so-called Silver Coast has been named as the emerging property destination in Europe, expected to outperform the Algarve, according to London developer WestCoastDevelopments.
Buyers of property in the region have seen increases in value in excess of 26% during construction of off-plan sites, from the moment of reservation to the handover of keys. In terms of renting, an initial 4.4% yield has been estimated on the villas.
The trend would appear to go against the growing European property slump, triggered by the sub-prime mortgage crisis in the US.
However, buyers of Portuguese luxury property seem unfazed by the concerns. Nearly 100 luxury villas and two boutique hotels are being constructed in the region.The developments have been designed by Portuguese architect Vasco Viera.
The first of the two sites, Joia das Dunas, has already sold two-thirds of its 18 two and three bedroom villas. Construction of the villas will be completed next month.
Vasco Viera, the architecht behind the villas, told Wealth Bulletin: "I have tried to make my design work with nature, integrating the structures into the natural landscape. The buildings 'hug' the natural terrain, stepping the villas along the slope of the land so they all have views to the coast. The use of natural regional stone and in particular the 'green roofs' help blend the villas into the natural landscape, minimising their impact on the natural beauty of the place."
For more information on the villas, go to www.quintessentiallyestates.com.
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