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1 Billion Euro Project in Algarve Announced

News Algarve, Portugal, will soon become even more popular with tourists due to a new 1 billion worth project announced for Vilamoura, the leading destination of the region. The project will cover the area of 400 hectares during the second phase of construction and will become one of biggest real estate developments in Portugal, which will certainly help develop the economy of the country and of the region in particular.

Vilamoura is the best known destination for leisure travel in Algarve. The total area of Vilamoura estimates 1,700 hectares, which is eight times more than Monaco. The region is winner of various awards, like The Best International Marina of the Year 2015, and is famous for its superb golf courses, four and five star hotels, and, of course, unforgettable beaches.

According to the Master Plan, 680,000sq.m of space will be added to the area, with the total volume of development being 4,000,000sq.m. As many as 18 development projects will appear in Vilamoura in the nearest future. These will be residential, retail, tourism and leisure developments of different size ranging from 1.5 to 168 hectares. All the developments are separated into 6 major themes: Vilamoura Villages, Vilamoura Marina, Vilamoura Estates, Vilamoura Active, Vilamoura Golf, and Vilamoura Lakes. They will feature mostly contemporary design and environment friendly approach. The new project will help creating many direct and indirect jobs.

The unique point about the project will be in its unusual design centered on Vilamoura Lakes. Over 250,000 sq. m of beautiful natural landscape can help making Vilamoura one of leading lake resorts in Europe. To the service of guests the resort will offer 1,900 residents, five hotels with 3,600 beds in total, restaurants and retail facilities. The Marina area will become the location of international Yacht Club. This will be home to prestigious restaurants, boutiques, branded gym and spa.


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