11 New PIN Projects Signal Boom Time for The Algarve

Since 2005, the Agência Portuguesa para o Investimento (API), the Portugese agency for investment, has awarded chosen development projects in Portugal the PIN seal (Projecto de Potencial Interesse Nacional). The PIN award means that certain projects are distinguished as Projects of National Interest and are categorised within the six tourism sectors as identified by the Portuguese Strategic Plan for National Tourism (PENT) as Douro (vineyards), Oeste (Atlantic beaches), Litoral Alentejano (nature reserves), Serra da Estrela (snow/mountains), Alqueva (historic sites), and Porto Santo (moderate climate and therapeutic sands). These categories give a range and breadth to the type of developments that are encouraged by the government and in turn add to the impact that PIN developments have on the Portuguese tourism sector.

The PIN system encourages foreign investment in Portugal and is beneficial to developers as it includes a fast-tracking of development projects - meaning that important decisions are made much more quickly. 73 projects have been awarded PIN status since 2005 and through encouraging tourism have generated an estimated 56,500 jobs in 17 sectors for the country. The €15billion it will cost to develop the projects will almost certainly result in a great deal more revenue for both Portugal and foreign investors who are putting money into the projects.

In the next few years, the Algarve region will benefit from the development of 11 PIN projects, costing almost €1.5billion to develop, one of which is the €206m Amendoeira Golf Resort located in the history-steeped district of Silves. Just 35 minutes from Faro airport in an area of outstanding natural beauty set against the backdrop of the magnificent Monchique Mountains and rolling valleys of almond, olive and carob trees, the Amendoeira Resort has two excellent golf courses, the first designed by Nick Faldo with strategy play in mind and the second an O’Connor Junior course designed using large areas of water making play accurate and creative. The development’s excellent facilities include an urban golf and sporting lounge for tuition, a PGA Golf Academy, tennis courts, football pitches, bowling greens, pitch & putt, swimming pools and saunas, restaurant and bar.

The Amendoeira Golf Resort has a range of property types available, from two and three bedroom luxury apartments, with access to a communal pool, to three bedroom villas offering spectacular views and luxury four and five bedroom villas with private swimming pools and landscaped gardens. All properties make use of stunning and original architecture, with strong Moorish influences, whilst the interiors will offer unsurpassed standards of quality. Prices start at €495,000/ £397,000 and range to €2,200,000/ £1,760,000. For more information please contact Barton Wyatt Portugal Golf Property.