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Still under construction, the Palmares Resort features dozens of private residences, 27-hole Robert Trent, Junior designed golf course, Michelin-starred restaurant and clubhouse. Palmares Resort Southern Portugal’s Algarve region has been a hot spot for European travelers for decades, but an increasing number of Americans have been looking to the region for investment and vacation opportunities. Part of the interest began with the country’s golden visa program that rewarded real estate investors with an EU passport for reaching certain thresholds of spending and time in the country. While the parameters have changed in recent years, making it less advantageous than before, it has still led to significant growth in international investments and expat residents in the country. Scenic view of the city of Porto in Portugal with boats along Douro River. In the second half of this year alone, North American investment in luxury real estate grew by 82% in Portugal, a statistic highlighted by The Portugal News. And according to Becky Gillespie, who writes for Portugal.com, the number of Americans living in the country grew by 239% between 2017 and 2022. As of last year, there were around 14,000 Americans living in the country, and among them, around 10% have started businesses in the country from tech startups to real estate development. It also helps that many travelers are first introduced to the country via river or ocean cruising and quickly discover its many advantages. Golf courses abound in southern Portugal's Algarve region, which is part of the attraction for many investors. For Americans, the Algarve has become an important destination for its sunny weather, numerous golf courses and sea-facing resort towns. And the return on investment has proven strong. Since Americans can purchase property in the region without residency, it has buoyed the market and actually led to increased U.S. tourism. So much so that United Airlines launched seasonal service from its Newark hub to Faro in the south to complement its robust flight schedule to other cities in the country like Lisbon, Porto and Funchal on the island of Madeira. Real estate investment grows Residents at Palmares can step out of their door and reach the clubhouse, golf course and Michelin-starred dining. Visitor numbers have grown substantially with one million American travelers visiting Portugal in the first half of 2024. For many, their short-term rental properties can yield great return for Americans, thanks to demand from all over Europe, adding extra incentive to invest in Portugal. For an investment starting at 280,000 euros, the Portuguese residency permit, which requires only being in the country for one week a year, comes with immediate access to the strong public health system in the country. Lisbon, Portugal old town cityscape at dusk. Within five years, they can apply for European citizenship, and even before that, they can travel freely to work or live within the European Union. A Portuguese passport gives access to 170 countries without needing a visa. It's not just about vacationing or real estate; digital nomads and retirees benefit from tax benefits when relocating to the destination. The cost of a second home in Portugal (in addition to the average cost of living) can be significantly less than popular places in the United States. The private residences at Palmares come fully-equipped with kitchen and laundry amenities plus are fully-furnished by Spanish interior designers. Other factors, says Stephanie Box for Portugal.com, include more than 300 days of annual sunshine, robust education and health care systems, and an existing expat community. Nearly 10% of all home buyers in Portugal are Americans, according to data from the National Statistics Institute. Development projects are a favorite Minimalist architecture of the residences at Palmares Ocean Living & Golf Resort helps them to blend seamlessly into the surroundings. While buying an independent property makes sense for a lot of people, many Americans find that mixed-use projects are more appealing. These come with local oversight for maintenance, gardening and other needs that make real estate investment for those not living in the country easier to manage. The Palmares Ocean Living & Golf resort near Lagos is one such example of Algarve development where more than a third of investors are U.S. citizens. A view from the Beach House Hotel, part of the development project It features the Beach House Hotel, which will eventually be integrated into the larger JW Marriott resort when it opens in 2028. This will be the first JW Marriott in Portugal. A guest room rendering at the first JW Marriott in Portugal In addition to hotel rooms, it will have 133 JW Marriott-branded residences, all of which were designed to be integrated into nature with green-grass roofs that seemingly blend into the hillside. Also on the property are dozens of private homes for sale, an ocean-facing 27-hole golf course redesigned by Robert Trent Jones Jr. during the pandemic with three 9-hole loops and a Michelin-starred restaurant, Al Sud. Owners can use their residence as much or as little as they want, and they can put it in the rental pool for the resort to manage when they are not here. The JW Marriott's rooms, residences, spa and pools will blend into the surroundings with grass roofs and pathways to interconnect them. Many residents their comment on the flexibility they have with their vacation rental. They also appreciate that even in the late fall and winter months, the Algarve attracts visitors from the United Kingdom and northern Europe providing a constant stream of business. Increased attention has come from the numerous golf tournaments hosted at the property, including the prestigious Almond Blossom Tournament, the region’s oldest amateur event. Many of Europe’s top golfers have played the course. The villas at Aroeira Collections by Missoni will feature the fashion brand's iconic patterns. Aroeira Collections by Missoni Another project is Aroeira Collections by Missoni, a residential project from the Italian fashion brand just a half hour south of Lisbon. When it opens in 2028, it will feature one and two-bedroom hotel apartments, two dozen homes with as many as four bedrooms and 28 villas with as many as five bedrooms, all along the cliff-lined Costa da Caparica. It is designed to blend in with the natural surroundings, but also add Missoni’s famous patterns and colorful designs inside with Portuguese architecture and LEED certification outside. The development has hotel rooms, apartments, private residences and villas plus two PGA golf courses among other amenities. Aroeira Collections by Missoni The Missoni project has two PGA championship golf courses and remains Portugal’s only official PGA venue. A pair of pools, health club, tennis and padel courts, a new golf clubhouse, and a restaurant complete the resort. Tiago Camara, partner at PTgoldenvisa.com, says the country is one of the most competitive in the European Union for investment migration. The recent changes to the golden visa have promoted new regions for investment such as the interior of the country, the Algarve, and both Madeira and Azores island areas. Private residences at Aroeira Collections by Missoni near Lisbon Aroeira Collections by Missoni “In a world where uncertainty has become the new normal, high-net-worth individuals are increasingly seeking security and freedom of movement,” says Camara. Investing in projects like Palmares or even private real estate condos and villas is not only an investment opportunity, but a pathway to rewarding European job and study opportunities that has caught American attention. MORE FROM FORBES ForbesRadisson Builds Leading Position In Africa, Expects 150 Hotels By 2030By Ramsey QubeinForbesKLM’s 106th Delft Collectible House Has A Unique U.S. ConnectionBy Ramsey QubeinForbesThe New ‘Mileage Run:’ How To Reach 2026 Delta Medallion Status With More Than Just FlightsBy Ramsey Qubein Editorial StandardsReprints & Permissions
