Time zone: GMT
A Bit of Background
Vilamoura is a purpose-built resort and marina, which was started from scratch by a wealthy banker from Porto, Cupertino de Miranda. The result is Europe’s largest private resort, started in 1974 and still expanding outwards from the marine centre. It has six golf courses and hosted the World Golf Championships back in 2006. (The resort is also home to the Portuguese Open golf tournament there in October every year.)
Tourism in Vilamoura is extensive and well-developed, with resorts rating from
3 stars to 5 stars. This is a substantially higher average than the surrounding areas, which have ratings varying from 2 stars to 4 stars.
“Vilamoura boasts the Algarve’s largest marina, but it’s first and foremost a golfer’s paradise. If you like golf, get a house here.”
The Algarve’s main airport is Faro. Like most places in the Algarve Faro airport is the closest airport to Vilamoura so a flight here is the best place to start. Flights to Faro are operated by all major airlines, with the most popular routes coming from the UK’s London, Dublin and Manchester airports.
TrainsTaking a train to Vilamoura can’t be recommended: due to its resort status there isn’t a train station at Vilamoura, per se. The nearest stations are Boliqueime and Loule, but once you arrive, it’s a reasonable distance by bus or taxi to get to Vilamoura itself.
AutomobilesBuses are the most viable option in logistical and financial terms. Buses run from Faro marina at least hourly. A ticket costs under five euros and the whole journey takes roughly 20 minutes. As usual for the Algarve, taxis and rental cars are good options to get travel straight to your destination as Vilamoura’s bus station is a little removed from most of the accommodation.
Due to its holiday resort status, it’s not surprising that British buyers are in the majority of overseas buyers looking at homes in Vilamoura. Those from the UK looking for a holiday home will normally default to the Algarve and Vilamoura is the place to be for Portuguese holidays. However, recent market developments have meant that some investors are choosing Portugal over the rival Spanish market, because Portugal’s property market has shown more rapid growth in prices.
Vilamoura’s property is also popular among Portuguese buyers, which is always a good sign. This is most likely investors tapping into the lucrative tourism market. The USA, Canada and Ireland make up the other group of buyers, which is most likely dominated by holiday home interest, although Irish investment is most certainly predicated by UK interest and European markets are appealing to US and Canadian investors, due to the strong dollar.
Where to Buy
Popular hotspots in Loulé include:
Olhos D’agua, Almancil, Dunas Douradas Bea, Jardins Do Golfe I, Martinhal Quinta, Pinus Ria, Quinta Do Lago, Vale Do Garrao Villa, Vale Do Lobo
Useful Words to Learn
Caderneta predial Land passbook
Contrato Promessa Promissory Contract