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favour the countries of the south as holiday destinations,” says Duarte Netto de Almeida, the administrator of Turcifez, promoters of the 100 million euro Campo Real resort in Torres Vedras near Lisbon. Here, half the development, which is being developed in three phases, has already been sold abroad.
Another example is Vigia, owners of the Algarve’s Parque da Floresta, between Vila do Bispo and Lagos, where a mere 10 per cent of the development was acquired by Portuguese buyers.
The trend is gathering momentum because the Portuguese market simply lacks the capacity to absorb new developments. “Investors who do not turn to the international market will have serious problems,” adds de Almeida.
Joaquim Chambel, from Colliers, a worldwide property services organisation, also believes the overseas market is the main target. He highlights the slowness of Portuguese courts and excessive bureaucracy as the main obstacles to property development in Portugal. “We are banking heavily on sales abroad, using our connections. We started with Quinta do Lago in the Algarve and we are going to continue with the Colombo’s Resort, in Porto Santo, and in October with Pérola da Lagoa in Óbidos (north of Lisbon),” he says.