Portugal
Why is it that the long-established second-home resorts in the Algarve have managed to steer mostly clear of the ill winds of the recession? Liz Rowlinson finds out
HEY may only be separated by 170-odd miles, but when it comes to comparing the fortunes of the two high-end tourism hubs of the
Iberian peninsula, it really is a tale of two coasts. As the glitzy Costa del Sol, tarnished by corruption and over-building, limps out of a slump, Portugal' s central Algarve quietly treads a smoother path. Underpinned by modestly leveraged devel-
opers and strict planning, it has continued to attract the kind of discreetly moneyed buyers who have been drawn there for four decades. In fact, in the most desirable pocket of coastline, the Golden TriangleÐ an area spanning the long-established high-end resorts of Quinta do Lago and Vale do Lobo up to the market town of AlmancilÐ demand has slowed little in the global downturn. Savills report that Quinta do Lago has
outperformed the Côte d' Azur, Marbella and the Balearics, and Knight Frank compare static prices in the Golden Triangle with price falls of 30% in the less-developed western Algarve. ` With its unflashy luxury, top golf courses, uncrowded shores and supreme accessibility [Faro airport is 20 minutes away], the Golden Triangle is still on everyone' s wish list if they want to buy on the Algarve and they' ve got the budget,' says Georgina Richards of Knight Frank. Apart from the Russians, that is, for whom
Pitch-perfect Portugal
T
the sweeping beaches and coastal nature reserves offer no super-yacht marinas or waterfront palaces. ` The people looking now have had a long-term plan to buy on the Algarve and aren' t deterred by the exchange rate,' says Mary Mangan of Winkworth Portugal. ` They are 50-plus, conservative and aren' t going to take a punt on less-established areas. If prices can rise by 5%± 6% in a bad market, with momentum picking up, the rise will get into double figures this year.' So, now that everyone agrees that the
Golden Triangle offers the safest bet on the Algarve, what is there on offer? For those who want a luxury golf resort,
Savills promote Quinta do Lago. ` There' s always been one masterplan [of 800 plots], so owners and buyers have always known where they stand, unlike Vale do Lobo,' says Alison Hojberg, Savills' associate at Quinta Properties. ` Our philosophy is that we' re just that little bit more discreet, a truly five-star resort. Quinta follows the Mayfair market closelyÐ prices are up again
FOR SALE
£995K
Quinta do Lago (below)
Located at the heart of the resort, this four-bedroom,
traditional-style villa offers a large outside dining area and views of the golf course
Savills (020± 7016 3750;
www.savills.
co.uk/abroad)
For secluded luxury and spectacular coast- lines, you can' t beat the Golden Triangle
because the demand is there. We only have 25± 30 properties for sale.' The entry point is €300,000 for a one-bedroom apartment on the golf course at San Lorenzo; for a four-bedroom villa, it' s €2 million; and the very best propertiesÐ frontline lake, golf or oceanÐ command €15 million. Yet Vale do LoboÐ Portugal' s largest develop-
mentÐ offers a wider range of product in terms of both style and budget (1,500 prop- erties with studios from €245,000 and plots from €1.15 million to €10 million), and it has a greater range of facilities, especially children-oriented ones. ` Plus, we' re a wholly integrated resort, with the security and
52 Country Life International, Summer 2010
www.countrylife.co.uk/international
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