The Alentejo is a vast province covering almost a third of the country with a low density population rounding half a million inhabitants. It is considered to be the future of the Portuguese property market and currently offers the lowest property prices in the country.
The latest real estate development is the Alqueva dam on the Guadiana River located to the southeast of Évora, a UNESCO listed city. This ambitious project has created the largest European reservoir with more than 80 km long and 800 km stretch of shoreline. Plans are laid for the construction of big developments of hundreds of hectares with Golf courses, luxury hotels, casinos, spas and island resorts.
There is no doubt that these resorts will make this region one with the biggest tourism and investment potential. Average price of a 3-bedroom house around Alqueva is currently under €200.000 but properties are rising in value as tourism is developing.
Further south, on the west coast, stands another region of real estate interest. A number of resorts quieter and cheaper than the highly demanded Algarve have attracted a growing number of foreign buyers to the seaside towns and villages such as Porto Covo, Vila Nova de Milfontes or Zambujeira do Mar.
The Évora / Alqueva area should take-off in a couple of years, putting it inevitably in competition with destinations such as Lisbon and the Algarve. It is not expected to be competitive in pricing but in terms of product differentiation, imagination and creativity of the developers.
Vila Nova de Milfontes retains its old traditional charm and is a popular destination for both foreign and Portuguese holiday makers. A one bedroom apartment can costs around €120.000 Euros and a five bedroom villa averages half a million Euros. Both apartments and villas rent well in the area.
Zambujeira do Mar is located south to Vila Nova de Milefontes, 10 km north to the Algarve region. Set on black basalt cliffs, it offers stunning scenery and breathtaking views over the ocean. It is a smaller resort with scarce property offering, making prices higher than expected. A 2-bedroom villa can cost up to €250.000.
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