We are seeing a real lack of stock across the coast and at all price levels. Demand continues to increase and so our near to medium term forecast for the market is that values will continue to increase. New local planning laws (PDM) will be confirmed this year and we expect they will make it even harder to build new or redevelop old properties.
We welcome the enormous amount of investment from large funds wishing to invest and develop in the area. We successfully sold 90% of Marriott’s W Residences Algarve, developed by Nozul before the resort completed construction, and there are many other exciting projects about to be launched. Vilamoura World, Conrad Algarve, Vale do Lobo, One Green Way (formerly known as The Keys) just to name a few, have all recently been bought up and are in the process of being redeveloped. The tendency is towards 5 star, all bells and whistles and the market will absorb these with glee!
We welcome the enormous amount of investment from large funds wishing to invest and develop in the area.
Developers should not delay in bringing new stock onto the market. Buyers, buy now or pay more on your next visit!