Hole in One For Vilamoura Investment
July 27th 2008 09:49 am By Web Development in India
The autumn of 2007 saw the Portugal Masters Golf tournament hosted at Vilamoura’s Victoria Golf Club, on October 18 through to 21. This was the third European Tour event held in Portugal in 2007 and a true acknowledgment of this country’s growing involvement in the world of golf. It was a great triumph and the start of the rewards for the direct investment in this complex in Vilamoura that is rumoured to total €750 million euros, one of the biggest investments of foreign capital in the Portuguese market.
The Managing Agents of the Vilamoura complex, Lusort, are confident that the project is designed to meet the needs of the estimated 6,000 permanent residents and over 600,000 tourists per year. It will have a residential area of over 430,000 square metres including everything from 1 bedroomed apartments to town houses, duplex and semi-detached properties. Evidence of the massive new developments are by the number of cranes around the area. The project is also providing for the construction of more than 210,000 square metres of tourist and hotel villages, where some luxury hotels owned by the world’s main hotel chains will open, along with fitness centres, spas and sports centres. 24,000 square metres are for the business area, where a number of shopping and leisure centres are being built.
According to Lusort itself, the Lusort Vilamoura project is one of the biggest urban developments in the Algarve, covering more than 900 hectares out of a total of 1,700. The extension to the marina is still in the planning stage but promises to transform the existing area of marshland.
The design of the Vilamoura project aims to cater for the main requirements of foreign and Portuguese clients. The priorities of people coming mainly from Western Europe are 24-hour security, a location close to the beach or golf course, access to swimming pool and the availability of large green areas and shopping zones.
Portuguese clients, of whom only a few are golfers, choose Vilamoura because of its beaches and social status. They also use the area at Christmas and New Year as a traditional getaway destination. As a project that includes different architectural styles, from the traditional to the most avant-garde with different leisure options in order to satisfy the needs of all age ranges, Vilamoura is set to retain its reputation as the destination to visit in Europe.
Trevor Norman is the Marketing Director of Premier Algarve Rentals, a company specialising in the property and rental management of holiday apartments in the Algarve region of Portugal.
