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17/12/2008 Portugal's Silver Coast shines bright |
ÓBIDOS, Portugal: After years of planning and debate, several
large-scale projects are coming to fruition along the pine-tree covered stretch of coastline
known as the Silver Coast.
In September, Bom Sucesso, a 200-hectare, or 500-acre, development about an hour north
of Lisbon, opened an 18-hole golf course designed by Donald Steel, only the second
championship-level course in the area. The modernist "design resort," which features villas
designed by 23 different architects, will eventually include more than 850 residential units,
a hotel and spa.
Nearby, work is progressing on two other master-planned developments, Royal Óbidos Spa
& Golf Resort and Quintas de Óbidos Country Club, which will add another 700 homes to
the area. Both are expected to be completed within the next three years.
The new development activity is centered near the medieval walled city of Óbidos, one of the
most popular tourist attractions in Portugal. Along the coast, the biggest city is Peniche, a
fishing port and home for the ferry to the Ilha da Berlenga, a nature reserve off the coast.
Until recently, large-scale developments were rare in the area. Strict environmental
regulations imposed by the government prohibit the type of high density beach
developments commonly found in the Algarve, on the southern coast of Portugal.
"Lots of mistakes were made" in the south, said Charles Roberts, manager of the Greater
Lisbon office of the International Realty Group, a Christie's Great Estate affiliate. "They
can't undo them, but now they are very protective."
The new projects are attracting the attention of both investors and second-home buyers.
Real estate company Knight Frank recently singled out the Silver Coast as one of its top
emerging property markets in the world, noting, "the area enjoys a high level of seclusion
unlikely to be broken by lower quality developments."
The Silver Coast has been "overlooked as a location because the Algarve has been very, very
popular," said John Leahy, director of Aria Wealth & Investment Limited, a Dublin-based
wealth management firm.
Leahy recently purchased three units in Bom Sucesso, where villas designed by such
architects as David Chipperfield and Carlos Prata typically sell for between €345,000 and
€1.4 million, or $432,000 to $1.7 million. Six of his clients have also purchased in the development.
"One of the things I like is that it is less developed," Leahy said. "What doesn't appeal to me
are the high rises that have come to the Costa del Sol and other parts of Spain."
The Silver Coast is also less expensive than the Algarve. While the average high-end villa in
the west Algarve costs about €823,000, a similar house on the Silver Coast is closer to
€643,000, according to the International Realty Group's research.
The oldest and best known project along the Silver Coast is the Praia d'El Rey Golf & Beach
Resort, which opened in 1997. The development covers 230 hectares and will eventually
include more than 1,000 residential units.
Two years ago, Colin Potter, a semi-retired telecommunications executive from Portsmouth,
bought a three-bedroom townhouse in Praia d'El Rey for about €400,000. He recently
resold it for about the same price and paid €900,000 for a bigger land plot with a fourbedroom
villa of 350 square meters, or about 3,750 square feet.
"We wouldn't like the Algarve - it's too busy and get's a lot hotter," Potter said. "To walk on
the beach here in February in shorts and have the beach to yourself, it's fantastic."
To many buyers in Praia d'El Rey, golf is the main attraction. The development's links
course running along the coastline is routinely named one of the top golf courses in Portugal
and often hosts international tournaments. Eighty percent of the homeowners in the
development play golf, according to golf director Eduardo Johnston da Silva.
Developers say they hope new courses will help grow the area as a golf destination. In
addition to the recently opened course at Bom Sucesso, the Royal Óbidos project includes a
course designed by Seve Ballesteros, which is expected to open in 2011.
Covering 136 hectares, the Royal Óbidos development includes an array of apartments and
villas priced between €395,000 and €995,000, including fractional units and "lock-off
apartments" which allow owners to separate a portion of the apartment for easy rentals.
But golf is not the only draw in the area. The centerpiece of the Quintas de Óbidos Country
Club is an equestrian center, marketed with the help of the world champion show jumper
Jessica Kürten. The 79 villas in Quintas de Óbidos, each on 1.3 acres, average 790 square
meters and range from €1.5 million to €1.9 million.
"Golf is an important attraction, but we also have different sports," said Miguel Abreu,
managing director of Quintas de Óbidos.
Developers in the area report brisk sales over the past year, despite the global slowdown. At
Bom Sucesso, about 85 percent of the units in the first two phases have sold, according to
David Mendel, overseas sales manager. About 30 percent of the Bom Sucesso buyers are
from Portugal, with the rest coming primarily from Britain and Scandinavia, he said.
"It's not a foreigner's only development," he said.
Praia d'El Rey, which received permits to build along the coast before the current
regulations were imposed, is also expanding. Earlier this year Praia sold 11 of 14 two- and
three-bedroom apartments on the coast, priced between €350,000 and €550,000.
In September, Praia started selling a collection of 53 two-bedroom to four-bedroom
beachfront units, ranging from €458,000 to €1.4 million. Praia expects to begin
construction on a new golf course in late 2009, contingent on the approval of planning and
environmental studies.
Local industry executives say the scarcity of developable land in the area should keep
demand high.
"There will only be a finite number of developments around Óbidos," Mendel said. "That has
to be good for people who buy."
Bron: The New York Times
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