Christies_Algarve Ricardo Costa.jpg

Christie’s Real Estate affiliate opens Algarve office

After establishing itself in the north of Portugal (Porto), Luximo’s Christie’s International Real Estate has now announced the opening of an office in Vilamoura Marina.

According to the company, the consolidation of Portugal as a tourist and real estate destination, and the increase in demand for property in the premium segment justified the decision to expand its “invitation-only network” into a region that is “increasingly sought after by foreigners for residential or holiday property”.

Ricardo Costa, CEO of LUXIMO’s Christie’s International Real Estate, said: “In Portugal, there are approximately 250,000 foreign residents with high net worth, living mainly in the Algarve. They have substantial purchasing power and are socially integrated. They are clients who normally do not require loans to purchase luxury properties.”

Regarding the locations preferred by these “luxury immigrants”, Ricardo Costa explains that “the usual choice of the more wealthy is the central Algarve area, particularly the Golden Triangle of Quinta do Lago, Vale do Lobo and Vilamoura.
“Portugal is also one of the safest tourist destinations in the world,” he said, adding that this is an essential factor for those choosing a country to live or invest in.

Christie’s International Real Estate has 1,350 offices in 46 countries.

Photo: Ricardo Costa, CEO of LUXIMO’s Christie’s International Real Estate