Algarve auctions off major luxury resort


We talk about the tough economic times that have hit Europe and how they’ve specifically affected the Algarve all the time on this blog, and today is not any different unfortunately, we will be reporting about an unprecedented activity that will take place in the Algarve later this month: the auction of a major luxury resort.

The auction will be taking place in the town of Vilamoura, when the New York Stock Exchange will be listing that a real estate investment firm will be conducting an auction of 42 luxury resort homes

The President of the KW Auction Group – the group that will be staging the auction – said that he was quite confident that all the homes will be sold off because he felt the current market conditions will not play a major role in the projected success of the auction process.

The auction will be taking place on the 22nd of June in Vilamoura, and based on past auctions, it is projected to be a success, or at least this is what the President of the real estate investment firm is saying. He did continue on to say that real estate auctions are not uncommon in developed countries regardless of the overall market conditions.

These luxury Algarve homes will have no starting bids, so the auction is meant to provide a great opportunity for year-round and resort homebuyers as well as investors to get some great properties at excellent prices. The home types that are to be auctioned off include one, two and three bedroom apartments.

It appears that five of the homes will be sold to the Highest Bidder with all the bids being subject to the acceptance of the Seller. The residences are located in four separate home collections: Monte Laguna, L’Orangerie, The Victoria Gardens and Sunset Villas, all of them featuring green areas alongside community pools.

The apartments range in size from 99 to 190 square meters.