European Division | PORTUGAL
Spotlight on The Algarve
Forty years ago, The Algarve was inhabited mainly by farmers and fisherman. In the decades since, foreign investors have turned the approximately 3,000-square-mile costal region in Southern Portugal into a cosmopolitan hotspot. "The Algarve's first luxury resort, Vale do Lobo, was established in the late 1960s, long before anyone ever dreamt of holidaying in Southern Portugal," says Stephen Howse of MacKenzie Real Estate, an Algarve luxury real estate agency. "The resort's incredible success led many other companies to invest in the region, with Sheraton, The Meridien Group, Orient Express and others setting up luxury five-star hotels."
Stephen attributes The Algarve's popularity to the perennial sunshine and perfect beaches - arguably one of the best within the European landscape. "There are miles upon miles of clean golden beaches, from the wide-open expansive beaches in Central and Eastern Algarve to the quieter beaches in the west with its world-class surf," he says.
Another draw is The Algarve's sophisticated holiday and residential developments. The largest and most well-known resort was also the first: Vale do Lobo, which has flourished into a self-contained community approximately three times the size of Monaco. Residents and guests have access to miles of beaches, a range of sporting facilities including two challenging golf courses, top international cuisine and medical and other services.
At Vale do Lobo, "Villas and apartments can be purchased outright, or plots of land can be bought by those wishing to design and build their own dream home," says Kate Bermon, the luxury resort's public relations manager. "The variety of designs is considerable and forever growing and developing to reflect clients' needs and tastes, ranging from spacious one-bedroom apartments to five-bedroom detached villas complete with private swimming pool, garden and tennis court."
With the influx of elite travelers, The Algarve's facilities and infrastructure have had to keep pace. The region boasts Portugal's only Michelin-rated restaurant, Villa Joya, as well as at least 18 world-class golf courses, including the new Arnold-Palmer designed Victoria Clube do Golfe in Vilamoura, another large coastal resort. Vilamoura is also the home of one of the largest private marinas in Europe, where many of the region's wealthy international real estate owners hold a berth for their yachts.
If resort living isn't your style, The Algarve has more discrete locations to choose from, either tucked up in the hills or surrounded by golf or nature reserves. Prices vary depending on the location and property type. "In the luxury resorts, a top-of-the-line apartment is around $700,000 USD," says Stephen. "A beautiful restored quinta [Portuguese farmhouse] in the hills costs around $750,000 USD." He continues, "There really isn't a ceiling on the upper end of the scale-the best beach-front plot at Vale do Lobo is around $7.7 million USD for the plot alone. With state-of-the-art construction and 'smart' technology, there is no limit to the type of home you can build."
