Algarve to auction off 42 luxury homes
The auction gives buyers a chance to invest in “one of the most sophisticated residential and tourist resorts in Europe,” says Rhett Winchell, President of KW Auction Group, who are holding the auction on behalf of international real estate investment firm Kennedy Wilson.
The activity follows significant drops in property prices across Portugal as the market struggles to climb back from recession. But agents are beginning to feel more confident, according to the Royal Institution of Chartered Surveyors. Indeed, Portugal climbed two spots in the chart to become the fifth most popular property destination on TheMoveChannel.com in May 2013, as affordable values attracted bargain hunters.
With residential tourism accounting for around 9 per cent of the country’s GDP, Portugal’s housing market is a major key to the national economic recovery. The government’s recent introduction of a golden visa for those who investor over €500,000 in Portuguese real estate is expected to encourage transactions from non-EU buyers, while Brits remain dominant in the investor market, followed by Scandinavian buyers taking advantage of the weak euro against their own strong currency.
Kennedy Wilson believes that the timing of the Vilamoura auction is right for buyers looking to return to the familiar lifestyle destination.
“With no starting bids, this auction provides an opportunity for year-round and resort homebuyers and investors to purchase at excellent prices,” adds Winchell. “Additionally, five homes will be sold to the Highest Bidder with all bids subject to the Seller’s acceptance. These residences are located in four distinct home collections – Monte Laguna, L’Orangerie, The Victoria Gardens and Sunset Villas featuring wide green areas and lushly landscaped gardens, plus refreshing community pools.”
The apartments on offer range in size from 99 to 190 sq. m and feature fully fitted and equipped kitchens; central air conditioning/heating and underground parking. Available apartments include those with private decking terrace, spacious floor plans, en-suite bedroom, luxurious interiors and endless vistas of the open sea, golf course or gardens.
“In the heart of the Algarve, Vilamoura is among Europe’s most sought-after playgrounds for those who seek sophistication and a perfect climate,” continues Winchell.
“It offers everything you can conceive of from an exceptional climate, golf, beaches and a Marina with approximately 825 berths to outstanding infrastructure such as transport and communications. Faro International Airport is just 20 km away with direct flights to the main European capitals.”
Kennedy Wilson's auction will begin promptly at 15.00h on Saturday June 22nd, 2012 at the Tivoli Hotel Victoria, Av dos Descobrimentos n° 0, 8125-309 Vilamoura, Portugal.
For bidders that are unable to attend the ballroom auction in person in Vilamoura there are two additional options available; 1) acquisition before auction date: All homes may be purchased prior to the Auction Date through KW’s pre-bid process. Prospective Buyers may present pre-bids for the homes to KW; or 2) attend and place your bids via KW’s Live Online Bidding platform where KW will broadcast the entire event over the Internet with real time audio and video of the live auction. No special software is needed to access the site – all you need is a personal computer
To learn more about the Saturday June 22nd auction, prospective bidders can visit the Auction Information Office at Loja Imobiliária Lusort, Marina de Vilamoura, 8125-409 Vilamoura, or visit the auction website at www.AuctionInVilamoura.com