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Most holidaymakers to Portugal’s Algarve arrive at Faro and turn right to join
the sunbathing bodies among the high-rise hotels of Albufeira, Vilamoura et
al. Turn left, however, and the weather is as good, the sea as warm, but the
crowds slip away and the beaches get better. Tavira, at the centre of the
eastern Algarve, mixes old-Portuguese charm – cobbled streets,
bougainvillea-hung balconies – with a workaday fisherman’s riverfront.
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With markets melting and credit being crunched into the carpet is
there anywhere in the world to buy a potentially profitable property
anymore? Or should we all just accept the fact that property can no
longer be considered an investment, and instead see it as just a luxury
item or a necessary roof over our heads?
Well, having searched the length and breadth of the property world we
have discovered a couple of pockets of potential profitability in
Portugal in the form of golf and marina property.
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Lagoa, Silves, Portimão and Vila do Bispo all
had their applications approved by the Algarve regional development
commission, Comissão de Coordenação e Desenvolvimento Regional
(CCDR-Algarve). In total, the projects submitted involve a total
investment of almost 2.4 million euros, with 1.4 million euros being
financed by Europe through the regional operational programme Algarve
21 (PO Algarve 21).
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The IPTM, the Ports and Maritime Transport Institute, plans to
increase the size of the fishing harbour in Olhão in an investment
worth over two million euros. The work expanding the size of the harbour includes the construction
of a sheltered area to the east of the harbour entrance for small
fishing boats, equipped with breakwaters and with room for 314 small
boats.
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Algarve Wine producers
are working together to launch an Algarve wine route, Rota do Vinho do
Algarve, to promote the regional wineries and wines for tourists and
visitors. The idea is to follow the example of other
regional routes already operating in the country and to involve the 19
wineries in the region. Through this new promotional tool, the wines
produced in the Algarve will be better advertised inside and outside
the region.
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The company, United Investments of Portugal, belonging to the
Dubai-based consortium IFA-Hotels and Resorts, announced plans to make
a significant investment in a new health-oriented resort in the Loule
area. The resort, which will carry the Starwood brand, will include a
boutique hotel, a spa and an 18-hole golf course designed by Gary
Player.
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Last January, auto sports in general and all the Portuguese lived the
frustration of the early end of the Euromilhoes Lisbon-Dakar Rally
because of threats made by terrorist organizations. However, while most
people accepted this end with their heads down, others immediately
began to draw up plans to re-light the flame of adventure that pits man
and machine against great adversity, in a struggle that has thrilled
the world over the past 30 years.
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