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Engel & Völkers opens its fourth agency in Algarve

  • Engel & Völkers opened its 11th network agency in Vilamoura, Portugal (the fourth in the Algarve).

  • The latest agency is in the premium zone and has a portfolio of more than 100 million euros.

  • The managers at Engel & Völkers Vilamoura are confident about the strong growth in demand for second-class luxury real estate from new markets.

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Engel & Völkers recently opened the brand's fourth office in the Algarve, continuing the Iberian expansion plan that will run until 2018. The new location is in Vilamoura and is intended to respond to the growing number of investors who are interested in this area. As the representative of one of the world leaders in the luxury real estate sector, the new agency has ambitious business goals, among which stand as a benchmark in the Eastern Algarve.

The Vilamoura agency is located on Tivoli Avenue, in the Moura Praia Building, next to the casino, in one of the busiest and high class areas, surrounded by 5-star hotels, tourist resorts, condominiums, holiday apartments, single-family homes and commercial premises. It is also a passing zone widely used for those who go to the beach, the marina and the restaurants.

The diverse hotel offer, proximity to the Vilamoura's marina, one of the best in Europe, the existence of six world-famous golf courses, all coupled with good weather conditions are an added value for the real estate business.

The new Engel & Völkers office - 11th branch in the national territory - is an area of 84 square metres, has a team of six employees, including real estate and administrative consultants, and operates from Monday to Saturday from 9:30 a.m. to 6:30 p.m. The license covers the influential areas of Vilamoura, Quarteira, Fonte Santa, Boliqueime, São Sebastião, Loulé and Salir.

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Partners confident in the upward trend of the real estate market

The partners, Ricardo and Vera Kendall and Daniel Martins, embraced this challenge with confidence and conviction. "Engel & Völkers, a renowned real estate brand in the luxury real estate market with presence in 32 countries, on four continents and with more than 700 locations worldwide, is the mirror of the success of this international network," Says Vera Kendall.

The management of the agency is headed by Daniel Martins, who has experience in business. He says that "the real estate market in Portugal is on an upward trend and Vilamoura is one of the most sought after locations for local holiday properties." In the case of properties as second homes, 'they bring in many investors and international buyers'.

Vera Kendall, who is already connected to the brand inherent to her role as the Expansion Manager for Portugal, did not hesitate to move forward with her career challenge. "Being aware of the brand, the way the branch network works, the commitment to training and supporting franchisees as well as the extraordinary international portfolio, the decision to start this project was easy," she says.

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Portfolio valued at 100 million euros

The Engel & Völkers agency in Vilamoura currently has a portfolio of around 100 properties, representing a total value of around 100 million euros.

The portfolio offers a variety of options with sea view and golf views, apartments in the centre of Vilamoura and villas in the countryside, from 5.000 euros / sqm. For clients with greater financial capacity, the price of the properties in premium and exclusive locations can exceed 9,600 euros / sqm, as an example, the Goldra urbanisation, a project of exceptional homes built at about 280 metres above sea level.

"We have been able to bring together a selection of properties for all tastes, requirements and budgets. We have in portfolio 1 bedroom apartments in the centre of Vilamoura from 122,500 euros, apartments in the marina buildings for 365,000 euros, villas from 300,000 euros or large lots for 350,000 euros. For customers looking for greater exclusivity and luxury villas as second residence, we have options starting at one million euros," says Daniel Martins.

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Foreigners surrendered to Portugal continue to be the main buyers

The national real estate sector is well positioned vis-à-vis competitors as the country benefits from a situation where issues such as security, political stability and geographical proximity to Europe are increasingly valued. These factors, together with the cultural and climatic characteristics of the country as well as the scope of the Engel & Völkers network, contribute to the good expectations of the brand.

Constanza Maya, General Manager of Expansion for Spain, Portugal and Andorra, is confident in our country's growth. "At the end of April, Engel & Völkers already had a volume of around 32.1 million euros transactions in Portugal, a figure that expects a surplus of 52 million euros transacted in the total of last year, so we have huge expectations for the near future," he said in the Algarve.

The heads of the agency of Vilamoura point out the great increase of demand for luxury second homes, which is a favourable factor in this business. "New markets such as France, Belgium, Switzerland and Italy are experiencing strong growth in the purchase of luxury second homes and classic markets such as the United Kingdom, the Netherlands and Germany are experiencing a recovery in demand."

The Algarve continues to be a destination of choice, being considered one of the best tourist destinations in the world. "The fact that it is a region of the country where tourism is all year round, often contributes to these tourists becoming buyers," says the director.

The Vilamoura agency is the fourth representation of Engel & Völkers in the Algarve, after Quinta do Lago, Lagos and Albufeira. Under the current expansion plan, the German real estate network has other licenses available in several areas in Portugal, with the aim of expanding the country's coverage.

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