Portuguese buyers take ownership of Vilamoura property
Around 60% of buyers at three new developments in Vilamoura, Algarve, are Portuguese, with UK buyers responsible for 17% of purchases.
According to a report from Idealista, Uptown, Central and Quintinhas, the three ongoing Vilamoura World (VW) real estate projects in Vilamoura are attracting many investors.
The British are responsible for 17% of purchases and the French for 6%, with American, Brazilian and Japanese buyers also standing out, the company reveals, adding that there are investors of 15 nationalities.
“The excellent urban infrastructure and services, including an international school, equestrian and tennis centers, several golf courses and a marina with more than 800 mooring points, as well as very pleasant weather conditions even in winter, confirm Vilamoura as a clear option for residence and long stays, ”reveals VW in a statement.
Quoted in the document, Miguel Palmeiro, VW administrator with the commercial and marketing portfolio, says that there is “a change in the habits of Portuguese and foreigners, accentuating the tendency towards self-use of houses in the developments. Central and Uptown, whether permanent or temporary ”.
All 31 homes and townhouses in Uptown are sold fully, while Central only has four of its 41 properties for sale. Quintinhas, a project of 25 lots of 2,500 square meters (m2) and which allows the construction of houses with an area of between 400 and 550 m2, has been sold at 92%.