A new resort aimed at the lifestyle buyer and holiday home investment market is being developed in Portugal this year.

Silver Coast Heights is near Lisbon on Portugal’s emeging Silver Coast region. The development will contain13 three-bedroom luxury villas with private pool, priced from £428,000. The villas are currently being sold off plan and therefore at less than they will be worth when the resort is completed. The developer expects the uplift on completion to be 30 percent.

To alleviate the current aversion some feel to the risk of buying off plan, the developer is paying the mortgage repayments during construction. Silver Coast Heights buyers pay a 5 percent deposit to reserve, and then nothing else until completion. This means that a cash deposit upwards of €23,700 is the sum needed to reserve one of the luxury three bedroom villas. The deposit is to be held in escrow, earning 6 percent interest during the term of construction.

The Silver Coast region of Portugal became very popular in 2006 and 2007, when property prices on the ever-popular Algarve grew out of reach of many British and overseas second home buyers.

While in many overseas-property-buyer hotspots the affordable markets have seen prices holding, while luxury markets have seen prices falling, this has not been the case in Portugal, where prices on the Silver Coast and Algarve has seen only minor price drops if any at all.

The offers of incentives similar to those accompanying Silver Coast Heights can also be found on the Algarve, but Property Frontiers, the company marketing the resort in the UK, says the Silver Coast is still a more affordable alternative to the golfing hotspot of the Algarve.

Director David Cox said: “Silver Coast Heights is perhaps the perfect development for 2010, low prices, a host of financial and other incentives, a strong investment package, great location, and perhaps most importantly of all in the stable, safe and proven market of Portugal,” said David Cox, a director of Property Frontiers.

He recognises that the Algarve is still by far the most popular Portuguese destination, but believes that with bargains like Silver Coast Heights coming on, the battle could well get a lot closer from this year onwards.

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