- American buyers account for 25% of property sales at Palmares Ocean Living & Golf
- Exchange rate movement means that buyers now can save over $90,000 compared to a year ago
- Algarve recently flagged as Europe’s Leading Beach Destination at World Travel Awards
American high net-worth (HNW) and ultra-high-net-worth (UHNW) individuals are turning to Portugal to uncover hidden property gems, according to the team at Kronos Homes, which owns and operates the Algarve’s spectacular Palmares Ocean Living & Golf.
The 5* resort has welcomed a slew of international buyers over the past two years, but Americans have dominated, accounting for 25% of property purchases during that time (followed by Portuguese buyers at 22% and British buyers at 14%).
Exchange rate movements have certainly supported buyers from the US to show an interest in the Portuguese property market. A luxurious one-bedroom Signature Apartment at Palmares Ocean Living & Golf costs €600,000. That equated to $599,043 on 07/11/22, according to xe.com. However, the same €600,000 apartment a year earlier, on 07/11/21, would have cost a buyer paying in dollars $693,760. This means that American buyers can now save more than $90,000 compared to a year ago.
Palmares Ocean Living is proving a popular choice with American HNW and UHNW buyers for several reasons. It is home to a new Michelin-starred restaurant – Al Sud, headed up by Chef Louis Anjos – which is serving flawless cuisine inspired by the bounty of the ocean. It is also home to the Experience cocktail bar, the challenging Robert Trent Jnr golf course and homes designed by Pritzker Prize-winning RCR Arquitectes.
The wider Algarve region also holds plenty of appeal to wealthy property buyers and visitors. It recently scooped the coveted award for Europe’s Leading Beach Destination at the World Travel Awards 2022. The Western Algarve is renowned for its beaches. The huge rollers coming in from the Atlantic on the region’s western coast have long been a favourite with surfers. Those who prefer more sedate waves, meanwhile, have their pick of stunning cove beaches along the Algarve’s southern coastline.
Praia de Dona Ana, at Lagos, is the quintessential picture postcard beach, from its crumbly limestone cliffs to the translucent blue water that quietly laps the shore, while brightly painted local fishing boats bob gently up and down. Other must-visit beaches include Odeceixe and Amoreira on the western coast, along with Arrifana and Amado for surfers. Praia do Camilo, meanwhile, is known for its calm waters and superb swimming and snorkelling conditions. For kayaking and other water sports, Praia de Batata is a must.
The Western Algarve is also a water sports hotspot. Holidaymakers who fancy trying kayaking, surfing, paddle boarding, kite surfing and more will find everything they need. Grotto trips and Lagos Bay cruises are available for those who prefer a more sedate pace, while extreme adventure lovers can enjoy the buzz of cliff jumping, ocean swimming and climbing between Sagres and Lagos.
The natural amphitheatre in which Palmares Ocean Living & Golf sits is just minutes from all this activity yet delivers a serenity and sense of peace that is hard to match. The construction density of 5.7% maximises the spectacular views over the Alvor estuary while enhancing the sense of connection with the resort’s natural surroundings.
The vast expanse of golden sand at Meia-Praia is just 800 metres away from the resort. Named ‘half beach’ due to the Odiáxere river dividing the long strip of sand between Lagos and Alvor in half, Meia Praia (awarded a Blue Flag in 2022 for its outstanding amenities and cleanliness) is in many ways the perfect beach. Its three miles of soft, powdery sand provide plenty of room for everyone, while the calm water conditions of the bay are ideal for swimming.
The phased building work at Palmares Ocean Living & Golf will see a total of 460 homes built, including 357 apartments and 103 villas. There will be two five-star hotels (one is already operational) and wellness facilities that include a pool. Annual golf membership for two people is included as standard with the purchase of all properties on the resort.
“The Algarve has so much to offer buyers from the US, particularly considering the current exchange rate. It’s also easily accessible, with buyers from the US able to connect in Lisbon or London before flying on to Faro. We anticipate interest from US buyers to remain strong throughout the rest of 2022 and well into 2023.”
Alda Filipe, Sales and Marketing Director, Kronos Homes
For more information about Palmares Ocean Living & Golf, please email [email protected], or visit https://palmaresliving.com/
