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Waiting List for Buying a Home at Verdelago Resort
August 27, 2021 – Ana Custódio
Verdelago Resort is a resounding success, attracting Portuguese, Spanish, Brazilian and American buyers.
A little over a month after launching, the Verdelago Resort, located on one of the most attractive stretches of beach in Europe, between Altura and Praia Verde, in Castro Marim, has already seen 100% of its first residential tourist units sold.
Started at the end of 2020, the first phase of construction comprises a set of exclusive units, including 57 residential-tourist homes that will be ready in 2022, divided into 24 flats (one, two and three-bedrooms), 26 townhouses, and seven villas.
Due to the enormous demand for the first phase of the resort, 45 new units will go on sale ahead of time and be ready before the summer of 2023. The move is an attempt to respond to an extensive waiting list, including dozens of people interested in visiting and making new reservations. Buyers will gain privileged access to the 29 one, two- and three-bedroom flats and 16 townhouses available on the market as of this week.
According to Paulo Monteiro, Verdelago Resort’s general director, “The success of this project is mainly due to its extraordinary location – with a seafront of more than 1 km – to our focus on sustainability and for following the new reality in people’s lives, exacerbated in the context of the pandemic, of nature as a new luxury, by its location within a more than 85-hectare property benefitting from a wealth of biodiversity and with a construction index of just 8.7%.”
The executive added that “It is, in fact, a project that we know to be unrepeatable, in an area where there are no developments with similar exclusivity and offer, and we were certain of its success from the very first moment. We didn’t count, however, that our best forecasts, which pointed towards this achievement only at the end of the year, would be attained so rapidly, leading us to bring the next sales phase forward.”
The majority of interested parties and buyers of what is the only luxury nature resort in the Eastern Algarve are currently Portuguese, but there is also a great deal of demand from clients of other nationalities, such as Spanish, Brazilians and Americans.
According to Mr Monteiro, “We notice that clients, whether Portuguese or international, are looking to be surrounded by nature, generous areas and spaces adaptable to telecommuting and the possibility of spending long periods away from the big cities, in a new paradigm accentuated by the pandemic, in which they themselves become local agents of transformation through the adoption of a new lifestyle in tune with the environment, fostered by the resort’s philosophy.” On the other hand, the executive added that “They also value the possibility of monetizing their units as they see fit, without concern, at high guaranteed rates.”
The Verdelago Resort, which will be built in several phases, will have a tourist village and a 5-star hotel, with unparalleled importance not only for the municipality of Castro Marim, but for the entire eastern Algarve. The investment, estimated at around 270 million euros, is the largest ever in this part of the Algarve.
Verdelago Resort is a project of Verdelago – Sociedade Imobiliária, S.A. a real estate and tourism project development company, whose majority stake is held by Fundo Aquarius, FCR, managed by OXY CAPITAL.
Translation: Richard D K Turner