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The Algarve welcomes news of global investment for 10 new hotels

14th August 2007 Print
The Algarve welcomes news of global investment for 10 new hotels The Portuguese Algarve is currently celebrating the news of a global investment of 1.5 Billion Euros as 10 new hotels are planned to be built. Eight of the ten hotels will be premier 5 star hotels with the first scheduled to be open as soon as 2009. Portugal Prime Minister Jose Socrates anticipated that some 6,000 new jobs would be created and as a result of this, accommodation on the Algarve would grow by some 5,400 beds.

Rob Shaw, Marketing and Operations Manager for Spanish Algarve Properties Ltd, says, “This welcome news, is part of the ‘Algarve with a Future’ project, which is the governments plan to double the number of five star hotels along the Algarve by 2010. By continued investment in premier resorts Portugal is intent on capitalising on its recent success of being one of the favoured investment hotspots in Europe. With the Mediterranean market of Spain currently struggling and investors becoming increasingly wary of emerging markets, Portugal is ideally placed both geographically and financially to become the number one European destination. With consistent rumours of up to 6 Billion Euros expected to be spent on new units throughout the rest of Portugal before 2011, Portugal is on the verge of a tourist explosion.”

Spanish Algarve Properties have recently brought to the market ‘Condominio Do Pinhal’, which is situated in the modern residential heart of Vilamoura with Faro International Airport being less than 30 minutes away.

The development comprises of 10 townhouses and 18 apartments which have already been sold. Each townhouse offers two bedrooms and provides spacious living areas, with large basements, which could easily become another bedroom, children’s playroom or home cinema. Set in beautiful landscaped south facing grounds there is a large communal swimming pool and a dedicated children’s playground area. Each property also benefits from underground parking with additional storage spaces.

Prices start from just £287,000 for a two/three bedroom townhouse.

Spanish Algarve Properties specialise in the sale of land and property in the Costa de la Luz and Portuguese Algarve. They are acknowledged leaders in real estate on this coastline and cover everything from the Western Algarve past Faro Airport to beyond the Spanish border and the Donana National Park/Seville – a distance of around 200 miles.

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The Algarve welcomes news of global investment for 10 new hotels