Algarve resort Vale do Lobo has reported a 60% increase in property sales in 2020.
Some of the properties sold cost from €1 million to €10 million-plus, with Brits and Irish standing out as the main buyers.
Says the resort, the first phase of its Oceano houses – a selection of three-bedroom properties located “a stone’s throw from the beach” – is already completely sold out. Meanwhile, the second phase is due to begin this autumn, it adds. Several properties within the resort’s Oceano Clube development were also sold last year.
But why is interest increasing amidst a pandemic? According to the resort, the pandemic has highlighted the importance of “feeling healthy, happy and comfortable in your own home”.
“The benefits of a move can significantly improve quality of life and general wellbeing, such as better nights’ sleep and reduced stress. The Algarve is known for being one of the happiest and healthiest places to own a home due to its captivating culture, welcoming locations, warm climate, fresh air and the health benefits associated to its Mediterranean cuisine,” it adds.
Meanwhile, more and more people are seeking a desirable location to work remotely. Vale do Lobo is one of many resorts that are creating specific ‘Work & Stay’ programmes which allow guests to enjoy the benefits of living at a top-class resort whilst still working.
The pandemic is also leading people with high spending power to purchase a second-home where they can work all year round – “Vale do Lobo is seen as a top choice in the Algarve,” said the resort.
There are also fiscal and residency incentives such as the Non-Habitual Resident (NHR) scheme and the Golden Visa programme which help set Portugal apart as a destination for property buyers, the resort stresses.
Said Pedro Reimão, Vale do Lobo’s executive board member: “This positive increase in real estate investment results from the market responding actively to recent and crucial global events.”
As he explained, “the Covid-19 pandemic has inspired many to look to Portugal, and Vale do Lobo, as a safe haven where they can live life to the fullest.
On the other hand, Brexit has sparked the interest of clients who want to seize the advantages of the Golden Visa before its rules change in 2022.
“These strong signs of real estate activity prove that a property in Vale do Lobo continues to be a sought-after investment. Our resort offers a strong sense of community, as well as a wide range of services, commodities and experiences in an enviable location near the sea,” Reimão concluded.