At the moment there are already 15 projects under construction, with  many more having been given the green light to start soon. 

When all the developments are up and running, there will be an extra 56,500 jobs available, with 7,000 on the Algarve area of Portugal alone. This will be great news for the tourist industry and   the area as a whole.

One of the developments along the Algarve is managed by Grupo Lar, a leading Spanish development company. The development is called Marina Village, and is advertised as being an affordable option for home buyers  in Portugal  as well as a good investment.

The development is due to be built in Lagos on the West coast, to hopefully tap into the burgeoning Portugese property market. Jorge Guibert Escavias de Carvajal, marketing manager at Grupo Lar comments, "The Algarve is well known for its luxury lifestlye and high property prices. At Marina Village, we are proud to offer interested buyers exactly this quality of living without exceeding the budget", he goes on to say, "it is an oustanding investment."

The development will features 104 two and three-bedroom apartments. There are terraces attached and swimming pools for common usage. A number of apartments have already been sold and let to Portugese buyers who like the area and all it has to offer.

Lagos itself has many historical buildings, some of which date back to the 16th and 17th centuries. The city itself dates back some 2,000 years. The coastline has popular beaches and opportunities to do watersports. The city is  particularly  popular with  domestic holidaymakers who travel down from the colder north of Portugal.

The city has a lot of culture to offer, with its own cultural centre and events held throughout the year.

Portugal is a favourite with British  investors - looking for holiday homes, investment properties and permanent residencies.

A recent report placed Portugal in the top ten countries for British people  investing in property. The report shows that the markets are still strong in the traditional property-buying countries; Spain, France,   Portugal, and the US. These facts are despite the fact that 30-35 per cent of investment is spent on the developing markets.

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Article first published 18 April 2008