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Realtors approve of Algarve race track

The region’s race track has been an undeniable success since it opened exactly a year ago next month. But has it also been successful in raising the Algarve’s real estate market profile at a time that it could do with a little boost? The Algarve Resident’s LIZ GRIFFITHS contacted realtors in the western Algarve to hear their views.

The majority of real estate agencies contacted say the race track has brought a new array of potential buyers as the response has been positive when selling property in the area.

Mary P. Mangan, managing director of Winkworth real estate agency with three offices in the western Algarve, said: “I think the track has been a positive amenity for the area and certainly has not put people off buying property there.”

Nigel Stringer from First Reality Estate Agency in Monchique told the Algarve Resident:  “So far we have not encountered any problems raised by potential buyers relating to the track or noise coming from it. The general feeling from clients and prospective clients is all positive.

“The noise levels, even on ‘loud days’, are considered to be a distant hum.”

Steve Whittell, owner and director of Algarve Distinctive Homes, although based in Almancil but currently working in conjunction with the Portimão Motor Park, thinks the race track has had nothing but a positive impact on the selling of property in the Algarve.

Steve Whittell said: “I think the race track has generated interest in the Algarve. I know a lot of people who had never visited the area before and came to an event at the track and decided to buy property here.

“It has brought a wide mix of people here and it really has put the Algarve on the map. I have also heard positive feedback from other estate agencies in the region.”

Algarve Distinctive Homes has seen the potential of the race track and is currently promoting luxurious apartments at the Radisson Resort and Spa situated at the Motor Park.

However, some estate agencies have not felt the rewards of having a race track in the area.

Paul Cotterell, sales and investment manager of Casas do Barlavento Lda, covering the western Algarve, says the impact of the race track in the area has not been positive.

“ Over the last 12 months, I can honestly say that we have not been overrun with requests to be in the area because of the track,” he said, “which has created a knock on effect for those wanting a deal, as the owners are still lowering the prices and offering deals to potential buyers.”

Era Algarve Property in Alvor added: “We have not been inundated with requests for this area.”

source: algarveresident.com

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