"The Algarve has long been popular with British retirees. Now, it is attracting a crowd of younger workers - and exciting new developments." it is with this premise that The Standard begins its latest article on housing in the Algarve region.
The Algarve, famous for its golf courses, mild climate and stunning beaches, has been a haven for British retirees since the 1960s. However, the region has seen a remarkable change in the last five years, making it an increasingly attractive destination for younger buyers. This phenomenon boosts the real estate market and inspires innovative developments like Ombria Algarve.
"More and more, we're seeing a mix of demographics," says Patricia Casaburi from Global Citizen Solutions, highlighting the evolution of the buyer profile. Around 30% of the organisation's clients wanting to move to Portugal are British, a significant increase in the last five years. The demand for international schools has tripled, which indicates the arrival of younger families.
Casaburi adds that the pandemic played a crucial role in this change, allowing people to work remotely and fueling interest in homes with more space and outdoor areas. Furthermore, the ease of travelling between the UK and Portugal and the prospect of obtaining a Portuguese passport after five years of residence has attracted young buyers even more.
"The cherry on the cake is that, after five years of legal residency in Portugal, you are able to apply for a Portuguese passport", highlights Casaburi, noting that this has boosted visa applications. Some people move because of the climate, while others look for the possibility of obtaining a European Union passport.
From this perspective, Ombria emerges as a sustainable development that redefines standards. "The vision for the future is to help conserve and protect this land as much as possible by minimising the impact on nature", says Sabrina Pessanha, Public Relations and Events at Ombria. Located near Loulé, Ombria is being built with a focus on sustainability.
"We have seen a drastic change in buyer priorities over the past years as consumers have become increasingly aware of the environmental challenges our planet is facing," says João Richard Costa, CCO at Ombria. This shift is evident at Ombria and reflects a growing trend toward sustainability among property buyers.
Owned by Finnish company Pontos Group, Ombria, under construction since 2008 and due for completion in 2030, will be a comprehensive development comprising residences, a five-star Viceroy hotel, a golf course, a conference centre, restaurants, a spa and much more.
The Standard, 3 December 2023