Golf property news from PortugalNovember 26, 2013
An innovative recession-busting approach to the creation of new millionaire holiday homes in Portugal is paying off for a British property development company which, since September 2009, confidently has maintained its construction programme regardless of the flat overseas property market of recent years.
Now London-based developer E3 Property is putting the finishing touches to The Keys at Quinta, a development of spacious new state-of-the-art villas and apartments designed in architectural styles inspired by those popular in America in the inter-war years - the Roaring Twenties to the 1940s - a period of opulence, glitz and glamour.
In appearance, the new trans-Atlantic style homes echo Miami's Art Deco ocean-front mansions and the Mid-Century Modern residences of Palm Springs. Others, based on high-ceilinged Hollywood Regency neo-classical homes, and incorporating influences from the 'forties, are said to be unique in Europe.
The Keys occupies 8.35 hectares (about 20 acres) on one of the last development sites at Quinta do Lago, the golf resort and residential estate on Portugal's Algarve coast. It comprises 48 villas and 24 apartments. All the properties - apart from five villas which will be bespoke to the buyers' designs - have been built to what the developer describes as 'shell and core' stage whereby primary internal finishes, services and landscaping are complete, ready for purchasers to specify their personal preferences with regard to the use of space and style of décor as well as their own choices of final finishes, fittings, flooring and furnishings.
"To date €235 million has been invested in this project," reports Scarlett Roitman, marketing director of E3 Property. "Buyer confidence is assured because, rather than buying off-plan, our purchasers can see, touch and feel the imposing new property which will become their home, safe in the knowledge that the entire development is one of only a handful to benefit from 100 per cent financial backing by the Portuguese state-owned bank Caixa Geral de Depositos. The bank itself has described The Keys as 'a solid investment.'"
E3 Property, which is targeting wealthy buyers who already own more than one holiday home overseas, reports that to date it has sold a quarter of the properties. They have floor areas ranging from 310 sq m (3,334 sq ft) to 775 sq m (8,342 sq ft) and current prices start at €2.47 million, rising to €4.89 million, depending on size and location. It is estimated that the cost of completing the interior of the 'shell and core' property to the buyer's specification would cost in the region of €191,000 to €1.14 million, depending on the size of the building and the nature of the finishes.
"The majority of our buyers are Britons seeking a glamorous city-living lifestyle of the highest standard in Quinta do Lago, just 15 minutes by road from Faro," reports Scarlett.
The concept behind The Keys is a simple once, explains E3's managing director Mark Lenherr: "Our research shows that the majority of Brits buying in Portugal want to be close to a golf course and water. We have both as 29 villas front the fairway of Quinta do Lago's 18-hole North Golf Course and the other properties are waterfront homes, some of which occupy an island set in the crystal-clear water of a man-made lake.
"Unlike many older Quinta do Lago mansions, isolated in acres of garden, the homes we have built at The Keys are positioned to combine a sense of community with privacy and security."
Villas come with 'sky gardens' comprising spacious roof terraces incorporating pools so that outdoor living with all-day sunshine is guaranteed, regardless of the orientation of the property.
"Growing interest in the homes we are creating in the Algarve reflects today's burgeoning Art Deco trend in the worlds of fashion and furnishings, spurred by the big-screen remake of The Great Gatsby released at this year's Cannes Film Festival," comments Scarlett.
The owners of villas and apartments at The Keys can enjoy a host of concierge services as diverse as property management, maid service and childcare as well as room service and airport transfers.
They will also have exclusive use of the resort's facilities which aspire to international six-star standards. They include a sports club, oceanfront beach club and a secure holiday club for children.
Follow The Keys at Quinta on:
Google Plus at gplus.to/TheKeys
Facebook at fb.me/thekeysatquinta
Twitter at twitter.com/thekeysatquinta