Vilamoura Master Plan
As we reported last month the plans for Vilamoura were unveiled just 4 months after the Dallas based Lone Star acquired it. The video above shows the key areas involved and below we try to provide more details.
The operating Company is styled “Vilamoura World” and is hoping to attract € 1 billion of investment from others to achieve this. Some local reports wrongly thought that it was going to make the huge investment itself but that’s not how it works.
The outline plan nominates 18 plots of un developed land it owns and gives them individual names grouped under 5 themes as shown below. The 18 occupy an area of 4 million m² with a total possible construction area of 680,000 m². Individually they range from 1,500 m² to 168,000 m².
The most ambitious will be the “Vilamoura Lakes” on the site of the long talked about, never started “New Marina.” The project has been morphed into 250,000m² of “Lakescape” which should be more acceptable to the environmental lobby, physically achievable and moving away from the glass and concrete artist impressions which were mooted for many years. The outline is for some 5,000 residential units and 5 hotels with a total of 3,600 beds, supported by many retail and restuarant outlets. This has a target start date of 2017 subject of course to securing the investment. These plans would probably double the number of homes in the town to 10,000.
The marina has always been Vilamoura’s focal point and plans here are to dramatically spruce up the entrance with a new Yacht Club having a spa, gym and 3 restaurants, providing “An Iconic Entrance” to the marina from the sea, hopefully to become recognisable around the world.
Exciting times for Vilamoura residents, visitors and fans alike. We wish Vilamoura World every success!
Vilamoura re branded:
Norton & Mackenzie offer a comprehensive portfolio of property management, long term rentals and quality holiday lets in Vilamoura.
In addition we are fully conversant with the new law regarding renting out holiday properties in Portugal should you require advice about getting a license and being compliant. Previously there were no active checks carried out, no action actually taken and hence no penalties transpiring. Under the new regime the newly appointed authorities (ASAE) have full transparency from analysing internet advertising to physical visits to properties to check who is in residence. More importantly they have the resource to do this which the local councils never had. There is evan a liaison between the tax office and utility Companies to cross check consumption in “empty” properties.