Long a favorite vacation destination for well-heeled Europeans, Portugal’s Algarve region is quickly becoming a hotspot for American tourists—and second homebuyers. “Historically, our expat clients have been British, Scandinavians, French and Germans,” says Michael Vincent, CEO and president of Berkshire Hathaway HomeServices Portugal Property. “But over the last few years, there’s been a big increase in American buyers. In fact, 35% of our buyers last year came from the U.S.”
Developers in this region of Portugal are evolving with the changing desires of a more diverse buyer pool. While there are plenty of traditional, red tile-roofed villas dotting the Algarve’s world-class golf courses and shoreline, modern estates such as Villatura in Quinta do Lago represent a new style of luxury living in the area. “We’ve found that more and more buyers are looking for modern properties with a wow factor,” says Luis Faustino, founder and CEO of development firm INNOVEST. “Any villa we build has to have the highest-quality details and finishes—it must feel modern, but also like a home.”
