Welcome Wyndham Grand Algarve Residences
As the Portugal property market heats up in lockdown, we shine the spotlight on the region’s glamorous new entrant . .
Winter in the UK can feel like a marathon endeavour, and with a lockdown on top it’s little wonder that interest in buying property abroad has boomed. With restrictions still ongoing, holiday home ownership remains a dream at present, but recent figures show that those looking for a warmer home life are looking primarily at Spain and Portugal, with many getting ready to invest when conditions are better.
According to the Association of Portuguese Resorts (APR), almost a quarter of international enquiries at the end of 2020 were from the UK, with particular interest shown in the Algarve in the south of the country. Within those searches, 31 per cent indicated they were looking for a second home, while 43 per cent of enquiries were from people looking to permanently relocate, taking full advantage of the country’s average of 300 days of sunshine per year.
APR managing director, Pedro Fontainhas insisted that the impact of Covid-19 overlaying the challenges of a post-Brexit UK make life in Portugal even more appealing now to UK families. “We have seen a surge in interest from those looking for something more than they currently have,” he said.
And this desire for ‘more’ has seen the luxury market in particular demand, with properties such as the newly completed Wyndham Grand Algarve Residences in Quinta do Lago on the wish lists of those looking to relocate.
Natural splendour, a year-round temperate climate and the infrastructure to support an active lifestyle have long made the Algarve a popular holiday choice for UK travellers. The Wyndham’s 132 one-, two- and three-bedroom private luxury residences sitting on the 60km protected Ria Formosa Natural Park with its world-class beaches, are just one of the ways in which holidaymakers are looking to turn this relaxed lifestyle into residency.
Here, potential buyers find a five-star experience of pools, saunas, concierges and Mediterranean fine-dining a world away from the current everyday of a chilly front room and a Zoom screen. In addition, Campus, one of Europe’s leading sporting facilities and seven renowned golf courses are close by, including the South Course, which has hosted the Portuguese Open eight times.
And it’s not only luxe properties and guaranteed sun that are drawing interest. Portugal offers attractive financial benefits to those investing in real-estate with a favourable non-habitual residents' tax regime and no inheritance or gift tax or wealth tax.
Whether uptake matches enquiry levels when lockdown restrictions lift remains to be seen. But whatever happens, it is clear that our appetite for new surroundings and expanded lifestyles abroad is here to stay – and likely to have a lasting effect on the holiday property market for years to come.