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FEBRUARY 2010
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www.opp.org.uk Feature archive www.opp.org.uk/issues.asp
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35
“Although the lower end markets
POSITIVE CHANGE: how some
have been hit severely, the high end
developers in Portugal are
residential tourism market remained adapting and innovating to sell...
INDUSTR
steady throughout and especially
in isolated pockets like Quinta do
Martinhal Beach Resort & Hotel in
the Algarve is promoting a Leaseback
Lago in the Algarve and Quinta da
Plan combining both lifestyle and in-
Marinha in Cascais,” observes Ole
Y
vestment, with fixed 4% rental return
Jespersen, owner and managing
for 10 years on the purchase price,
director of IRG International Realty designer furniture pack included,
Group. “In these areas sales have
4-8 weeks of usage by owner (who
been steady and ongoing although
owns the freehold), and the operator
pays the condominium charges. “We
often fuelled by realistic pricing or
are at the stage where we are just
accepted offers.”
about to open the region’s first 5-star
The Algarve still gets the most
hotel and resort, and this adds to the PEOPLE
attention, of course. This is borne out confidence of the buyer,” says Martin-
by the latest Quarterly Confidence
hal’s Chitra Stern. Another developer
Survey from residential tourism
focusing on confidence is Quintas
de Obidos, which has invested in
consultancy ILM THR, which found
targeted PR, an actively managed
that 61.5% of the agents and
website and its agent network to sell
developers surveyed reported
79 family villas (all over €1.2m) and
increased sales in Q3. an aparthotel with 80 apartments.
“The launch of the remaining facili-
The loan moan
ties - Country Club and Riding Cen-
tre - will further enhance the confi-
DESTINA
While Portuguese banks like
dence of the potential clients in our
Santander and Banco Espirito Santo
resort,” said CEO Miguel Pereira de
were far less exposed to the global
Abreu. Hoping to attract high-end
financial crisis than many others buyers, Palácio Estoril Residências, TION
in Europe, developers and agents
a luxury residential condominium
still bemoan the lack of finance in
in Estoril, offers concierge support
services from Hotel Palacio and a
Portugal – although rates for buyers
range of privilege services through
are among the lowest in Europe.
an exclusive VIP Card scheme. These
“Banks are not yet being
include sports, leisure and wellness
supportive for developers, and the facilities in the region with discounts
same applies for clients to get a
varying between 15% to 30% on
mortgage on their property; until
Elements Spa by Banyan Tree, Esto- BUSINESS
Although the lower end markets have been hit severely, the high
ril Golf Course and Cascais Marina.
this happens sales will be slow,”
Other developers looking at ways
end residential tourism market remained steady throughout says Eduardo Kol Netto de Almeida,
to distinguish their offering include
and especially in isolated pockets like Quinta do Lago in the Marketing Director at CampoReal.
L’AND Vineyards, a country resort
Algarve and Quinta da Marinha in Cascais. However, there is an upside to in the Alentejo region with designer
Ole Jespersen, IRG International Realty Group this, he says. “All new or at an early
villas surrounded by vineyards where
stage developments have stopped
buyers can have their own private
wine production and personal-
campaigns. Let’s also get government different examples that need three or are running very slow. This will
ized bottles. Director Miguel Júdice
tourism and business development different ways to market the product in impact very positively the existing
claims this ‘differentiating concept’
agencies involved to support these order to reach the potential target.” developments that have built
has helped to place almost half of
efforts to promote Portugal.” Constantino Jordan, Managing properties and are mature.” its inventory already. Silver coast de-
DE
Director of Property & Tourism Rui Parente, of law firm Neville de
veloper Bom Successo is launching
VEL
Year of adjustment Advisory, says developers seeing most Rougemont & Associados R.L., also
a high-end fractional product after
seeing more interest from buyers
OPER
Others believe that product, and the success are those who have adapted highlights an upside to buyers who
“who want a holiday villa that gen-
way it’s packaged, is the issue. Carol to a more sophisticated buyer. “It is have lost finance after valuation
erates an income”, according to di-
Mahl, Sales Consultant at Re/Max necessary to analyse everything about decreases. “This has turned into an
rector António Silva Pereira. Leisure
Portugal, says 2009 was “a year of a development, from the infrastructure, opportunity for financial institutions Launch, developing on the Silver
adjustment” when a 10-20% decline gardens, architecture, colour schemes to implement new products such
Coast and Algarve, is seeing success
in transactions brought prices down right through to sales material,” he says. as ‘real estate leasing’,” he explains,
from helping buyers who lost de-
posits and qualified for mortgages
– with the largest decreases in the “The profile of sales and marketing “where the financial institution
on other developers’ failed projects.
Algarve. “I have property that can partners must also suit.” ultimately buys the property from
Claiming to have received enquiries M
be sold outright or to a fractional Mahl believes international alliances the developer and rents it out to the
from distressed buyers from Spain,
ARKE
ownership, a beautiful licensed manor and referral partners are vital. “Europe buyer for periods of up to 15 years, Bulgaria, Turkey, Dubai, Rumania,
house with more than 400 hectares needs a common MLS, or at least at the end of which, the buyer is
and Caribbean, it has worked with
TING
offering potential for an hotel group, between some countries,” she adds. “A entitled to buy the property for a
banks to transfer mortgages to its
own projects. “In all cases they have
and family houses in Albufeira that spirit of professionalism and sharing.” residual value.”
recovered their equity and upgraded
are easy to turn into rental businesses Portugal has the product, and the Slow planning has stretched the
to a superior quality property ready
with a little bit of organization, wit and appeal, so which areas are likely to see patience of foreign buyers, with
to use,” said MD Davide Patricio.
internet connections,” she says. “Three the best activity in 2010? some developers waiting years
FEB10_OPP_MAG.indd 35 28/01/2010 15:20
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