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Motor Racing Puts Algarve Property On Track, Says Property Frontiers
September 15, 2009Article by Ray Withers
OXFORD – September 10, 2009:
Motor racing at the new international circuit at Portimao, Portugal, has helped put tourism and Algarve property prices back on track, says international property consultant Property Frontiers.
The new motor racing circuit opened late in 2008 and is intended to host the Portuguese leg of the Formula 1 Grand Prix with facilities for crowds of up to 140,000.The circuit has already hosted smaller races and attracted big crowds – the next race being the start of the FIA GT3 sports car racing championship.
Massive investment in sport – with several world-class golf courses located along the Algarve – and extending Faro airport in to an international hub, has boosted the number of visitors to the Algarve.
“The British have always had a soft spot for the Algarve and they are coming back in their droves,” said Property Frontiers director David Cox. “The Algarve has ridden out the property slump and Portugal is one of a handful of countries in the world where prices are rising.“The fantastic top class golfing and the new motor racing circuit are also pushing up demand for second homes and renting holiday homes.”
A Popular Algarve property development is Condominio-Panorama, Lagos, and a short drive from the motor racing circuit at Portimao.The apartments are built high on suburban hills overlooking Lagos and with impressive views over the city and out to sea.The newly released development is low risk for expats looking to retire or second homers as the flats are already completed and ready to move in, so there is no ‘off plan’ risk of the project halting.
Prices start at £242,000, are 20% below market value and the developer will give the purchaser 7% cash back to cover purchase taxes for two-bedroom apartments. Other larger properties include three-bed apartments, duplexes and penthouse suites.
The Algarve is easy to reach from most UK airports on budget flights, with a flying time of about three hours to the largest local airport at Faro.
For more information contact Property Frontiers on +44 (0) 1865 202700.