Construction Begins on the Ombria Resort in the Algarve

27 January 2020 The first phase of construction on the Ombria Resort, located seven kilometres from Loulé, in the Algarve, began at the end of last year. The Finnish group Pontos intends to invest a total of 260 million euros to build the 153-hectare development by 2030.

The first part of the project, an investment of approximately 100 million euros, is slated for completion in 2022. The works include the resort’s basic infrastructure, the Viceroy Residences and the 5-star hotel Viceroy at Ombria Resort, a conference centre and about 95 other residential units. Furthermore, an 18-hole golf course has already been completed.

The Viceroy Residences at Ombria Resort will consist of 65 one-to-two-bedroom tourist flats alongside the hotel Viceroy at Ombria Resort. The latter will include 76 rooms and suites, six restaurants, swimming pools, a spa, gym, kids club and astronomical observatory.

The owners of flats will have guaranteed return on their investment, through rentals, of at least 5% per annum for the first five years, while access to use the flats for 70 days each year. The flats run from 70 to 173 square meters and are currently on sale for between 300,000 and 850,000 euros.

Original Story: Idealista – Frederico Gonçalves

Translation/Summary: Richard D. Turner