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Silver Coast Heights To Put Region Back On The Map
January 29, 2010Article by Ray Withers
International property investment consultancy Property Frontiers has announced the addition of a new resort development in Portugal for 2010, aimed at the lifestyle buyer and holiday home investment market.
“Silver Coast Heights is perhaps the perfect development for 2010, low prices, a host of financial and other incentives, a strong investment package, great location, and perhaps most importantly of all in the stable, safe and proven market of Portugal,” said David Cox Property Frontiers director.
Silver Coast Heights is a new holiday resort development near Lisbon on Portugal’s emerging Silver Coast region of Portugal. The development offers only 13 3 bedroom luxury villas with private pool, priced from £428,000. The villas are currently being sold off the plan and therefore at less than they will be worth when the resort is completed — the developer expects the uplift on completion to be 30%.
To alleviate the current aversion some feel to the risk of buying off plan, the developer is paying the mortgage repayments during construction. Silver Coast Heights buyers pay just a 5% deposit to reserve, and then nothing else until completion. This means that a cash deposit upwards of 23,700 Euros is all that is needed to reserve a luxury three bedroom villa. The deposit is to be held in escrow, earning 6% interest during the term of construction.
The Silver Coast region of Portugal became very popular in 2006 and 2007, when property prices on the ever-popular Algarve grew out of reach of many British and overseas second home buyers.
While in many overseas-property-buyer hotspots the affordable markets have seen prices holding, while luxury markets have seen prices falling, this has not been the case in Portugal, where prices on the Silver Coast and Algarve has seen only minor price drops if any at all. This is because the responsible developers were left in a position of being able to hold and wait for the market to pick-up.
So, while offers of incentives like that found accompanying Silver Coast Heights can also be found on the Algarve, the Silver Coast is still a more affordable alternative to the golfing hotspot of the Algarve.
That said: the Algarve is still by far the most popular, but with bargains like Silver Coast Heights coming on, the battle could well get a lot closer from this year onwards.
For more information contact Property Frontiers on +44 (0) 1865 202700.