Fair weather Iberia
While property in Europe is down on its luck, prices in Portugal just keep rising . Year-round sunshine, excellent finance options and great value for money tend to have that effect, writes Ciaran Lennon
The beaches in the Algarve have been subject to improvements in recent years
Praia da Rocha on Portugal's Algarve coastline has long been a favourite destination of sun-seeking Irish tourists. The image of hot sand and blue sea beneath the distinctive golden cliffs is as familiar a sight to Irish holidaymakers as the sand dunes of Wexford or Waterford.
There may be more sun, but the beachfront along the Portimao resort has, in places, been synonymous with tired high-rise holiday complexes. This popular sun haven is, however, undergoing a face lift and Larionova's new four-star, sea-view holiday apartments, launched in conjunction with developer Hagen, present a fantastic opportunity for investors and sun-seekers to buy in a modern and stylist complex that's within a stone's throw of the sea.
Just 300m from the stunning Praia da Rocha, one of the best known beaches in Portugal, the Paraiso Sol da Rocha development offers great value, with prices starting at €99,000, and is due to be completed this summer. And with 320 days of sunshine, and miles of spectacular shoreline, the attraction is quite obvious. The Portimao coastline, with the vast Praia da Rocha and the more secluded Tres Castelos, is the main draw to this part of the Algarve. The beaches have been subject to improvement work in recent years, and you can now stroll the full length of the shoreline on a wooden footpath that runs all the way down to the marina.
The Paraiso Sol da Rocha complex is just a short walk from the centre of one of the most popular resorts in the Algarve but these second-line apartments are at a comfortable distance from the the hustle and bustle of summertime tourism. And if the busy centre with its bars and restaurants is not to your taste, you can slow the pace of life with a short walk down to the marina area, where you can enjoy fantastic seafood dining with views over the harbour.
There is no denying that this stunning setting is convenient for Irish investors. Just 40 minutes drive from Faro International Airport and you're in the heart of Portimao and with Ryanair and Aer Lingus both flying in year-round, you won't waste your time travelling.
While many of the traditional sun destinations are currently enduring a slowdown in the market, Portugal remains popular with Irish buyers and prices are still steadily rising.
This complex, which has just been launched, offers a five-year rental guarantee representing a net 4.5pc yield, where buyers can also take advantage of 80pc international mortgages.
The tastefully designed complex features 160 spacious apartments, 80 of which have been released in this first phase and all can be purchased with quality furnishings. Each apartment comes equipped with designer bathrooms and modern fitted kitchens, including all modern appliances. Air conditioning comes as standard.
The development features a mix of studio-, one-, two- and three-bed apartments all enclosed within its own landscaped gardens in a private, gated community.
The onsite facilities include two outdoor swimming pools, including a children's pool, an indoor pool and a fully equipped gym. Underground private car parking is also included. There are also plans for a mini supermarket, shops restaurant and bars. And golfers won't have to travel far either, with the fabulous courses within a 5km drive including Morgado, Alto and the championship course at Penina. Vilamoura is only a few minutes further down the road and offers other fantastic golfing options.
Prices range between €99,000 for a spacious studio apartment (42sqm) and €385,000 for the 120sqm three-bedroom apartment with its incredible 78sqm terrace. One-bed apartments come in between €158,000 to €180,000 (46-63sqm).
For families, the large two beds offer plenty of space with options from €226,000 for the 85sqm apartment with 10sqm terrace up to €266,000 for the large ninth-floor option with excellent sea views. For those with more to spend, the three-bedroom apartments range between €257,000 to €385,000. The furniture packs with full furnishings are available at €9,075 for studio apartments, €12,705 for one-bedrooms, €15,125 for two-bedrooms and €18,150 for three-bedroom apartments.
Need to know
Prices: Studio start from €99,000 for (42sqm), one-bedroom; from €158,000 (46sqm), two-bedrooms; from €226,000 (85sqm). Three-bedroom apartments range from €257,000 up to the €385,000 for the largest 120sqm with 78sqm terrace.
Getting there: Aer Lingus and Ryanair operate scheduled flights daily from Dublin to Faro airport which is 40 minutes drive to Portimao. Aer Lingus also fly from Cork and Belfast and there are Ryanair flights from Shannon.
Climate: The Algarve enjoys one of the warmest and consistent climates in Europe with 320 days of sun and temperatures rarely fall below 15°C in winter. While very warm at the height of summer, the Atlantic breeze prevents the heat getting uncomfortable.
Finance: Not too many complications for Irish investors. Buyers can take advantage of a very competitive 80pc loan to value mortgage with a five-year rental guarantee representing a net 4.5pc yield. There is the option of renewing the rental for a further five years. There are no community fees or gardening fees. ACAP on Molesworth Street, Dublin, are acting as the brokers.
For more information on the development visit the website www.larionovo.com or Lo Call 1890 252 138
- Ciaron Lennon
