The home of Portugal's overseas property market, and the most developed coastal strip in the country, the Algarve still nonetheless feels underdeveloped compared to neighbouring Spain's largely chock-a-block southern coastline. And yet the Algarve still manages to offer the range of resorts and activities required to make it truly competitive on the European property stage.

One of the biggest players on this stage, especially in Portugal, is property developer Oceânico.

Now the proud owners of two luxury resorts, in Lagos and Praia da Luz, and with four further four- and five-star projects in development on the Western Algarve, not to mention others on the Silver Coast and in the Azores, Oceânico are doing a seriously convincing job of transforming the property market in Portugal.

"We don't think of our property developments in terms of competing with others in the Algarve," says Oceânico Golf Course Project Manager Steve Richardson, "but as making the Algarve a stronger destination to compete with other countries." Add to their portfolio the recent purchase of five world-class golf courses in Vilamoura and the development of the Amendoeira Golf Resort – a five-star 640-acre development near Silves, with championship courses designed by Nick Faldo and Christy O'Connor Jnr and of which members will have access to all seven courses – and its not difficult to see why this mammoth company is attracting the attention of overseas property buyers and keen golfers alike. 

"Portugal is ripe for investment at the moment," says Bill Barratt, a non-executive director at Oceânico. "There's just something so natural about it still." Indeed the property market in Portugal is one known for its stability and cash appreciation remains strong. And the government of Portugal's stanch development policy, ensuring that the country fends off environmentally damaging over-development, certainly does nothing to hinder the investment potential of the property market in Portugal.
"Building regulations are getting tough now," says Gerry Fagen, Director of the Oceânico Group. "There is bureaucracy preventing development a certain number of metres from the seafront, and rightly so."

Aware that over-development can ruin areas and indeed, golf courses, Oceânico's Amendoeira Golf Resort will include a comparatively meagre 650 units.

The Phase One Amendoeira residential complex will be positioned on a hillside, set back from the golf-course in a village style complex yet with views over the greens; completion of the first properties and two golf courses is scheduled for spring 2008. Newly released Phase Two property offers a mix of 92, two and three-bedroom apartments, 12 three-bedroom villas and 12 of Oceânico's new Prestige properties. Two- to three-bedroom apartments are priced from 495,000 to 595,000 euros, and three-bedroom villas with private pools from 950,000 euros; Oceânico 's Prestige four- to five-bedroom villas are priced from 2 million euros.

Jo-ann Hodgson was a guest of Oceânico

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Article published 23 April 2007