According to Expresso newspaper, the Algarve, along with Lisbon, Porto and the Alentejo Coast, has seen a growing demand for luxury residential properties associated with prestigious hotel brands that have driven the development of several projects.
According to Expresso, "the most striking characteristics of this real estate offer is the provision of equipment and a high level of amenities associated with five-star hotel chains".
According to Gustavo Soares, Managing Partner at Engel&Völkers OPorto, "This market is experiencing great expansion and has emerged all over the country, mainly in areas traditionally related to the concept of second homes and very much aimed at an international audience".
"Although the concept has international origins that date back several decades, its implementation and popularity in Portugal have been expanding significantly in recent years," adds Duarte Marques, New Development Director at Portugal Sotheby's.
The properties of Ombria, Algarve, stand out as one of the most significant projects under development.
Filipe Lourenço, CEO of Private Luxury Real Estate, highlights that it is a type of real estate product "mostly sought after by foreign investors, who want to acquire a second home that delivers the same level of design and service of a 5-star hotel".
According to Expresso, more recent studies have Portugal well positioned, "ranking 11th position among the countries with the highest number of branded residences projects under development."
Expresso - September 8, 2023