The quest for a wellness haven and an upsurge in remote working are contributing to the rise in real estate investment in Portugal. In the Algarve, Vale do Lobo’s property sales increased 60% in 2020, and growth has accelerated in the first months of 2021, with new sales having already more than doubled the numbers from last year’s first quarter.
Properties sold included luxury townhouses of around €1M and detached villas from €3M to €6M, through to the occasional very high-end estate above €10M. The UK and Ireland continued to be the largest source markets. Phase I of the Oceano Townhouses – a selection of luxury three-bedroom properties close to the beach – has now sold out, as the resort prepares to launch Phase II. Other important sales include fantastic beachfront plots in Oceano Clube – a selection of beautiful detached villas in some of the most exclusive areas of the resort.
Following the UK government’s updated clause which allows travel for the purposes of purchasing, selling, letting or renting a residential property, and the most recent inclusion of Portugal in the country’s green travel list, we’ve talked to Magdalena Osmola, Vale do Lobo’s Marketing & Communications Director, to find out some of the top reasons behind this increase in demand, and why now is the optimum time for those looking to relocate or purchase a second home to visit this iconic beachfront resort in the Algarve and invest in real estate in Portugal, and will address them over our next two articles.
The quest for a wellness haven
The COVID-19 pandemic has brought important values to the forefront with wellness and one’s home being the greatest personal assets. A better home life, breathtaking sea and nature landscapes, as well as a warmer, sunnier weather can encourage an active lifestyle and healthier living. The rewards for relocating can be life-changing and better one’s overall wellness, by simply improving, for instance, our sleep and reducing our stress. The Algarve is renowned for being one of the happiest and healthiest places to call home, owing to its captivating culture, welcoming locals, warm climate which inspires outdoor living, clean air, and proven health benefits linked to its Mediterranean-style cuisine.
Vale do Lobo is perfectly positioned for those looking to improve their way of living, with a strong community feel and a varied range of beautiful villas, apartments and townhouses available to purchase in beachfront and golf locations. For those looking to create their dream home from scratch, the resort has plots in stunning positions to suit many personal visions. Its dedicated expert team is on hand to guide buyers through every step of the process and make sure all building work is of the highest quality.
The rise of remote working
The new age of remote working has made many professionals consider that they could temporarily relocate their workplace to anywhere in the world. And this shift in mindset is driving a trend for both property acquisition and longer rentals. Many resorts, like Vale do Lobo, are creating Work & Stay packages, offering spaces to live and continue working, with the added benefits of super-fast Wi-Fi, resort perks, like golf courses and tennis courts on site, a nearby beach and an array of wellness activities, as well as the inherent bonus of a stunning environment. This long-stay concept is ideal for those wanting to experience a taste of the resort before fully committing to purchasing a property. Moreover, by achieving an enhanced work/ life balance, guests who have made the leap are finding they boost their productivity as well as their wellbeing. Pandemic-driven demand for international property purchases is also soaring as many affluent workers are looking to buy second homes from which they can work remotely throughout the year.
On the other hand, choosing Portugal has some very attractive financial advantages. Join us next week for the second part of this article where we’ll talk about Portugal’s enticing schemes for property buyers.