Portugal's lessons in development

In the recent turmoil of the credit crisis the difficulties of Spain have been well documented, with falling prices, controversy over illegal building coming to a head when some properties were summarily demolished and a general feeling that a few chickens had come home to roost.

While such a view may underestimate the variety of possible new opportunities that Spain can offer now or in the future, which may arise from the development of new resorts, airports and public transport links, the situation in Portugual appears to be of an altogether different order.

This point was made by Paul Luetchens, managing director of Portuguese property portal Hotproperty.co.uk. Mr Luetchens stated that one of the key perceived failings of Spain - that of poor design and overdevelopment on the Costas - is an error that the Portuguese are keen to avoid.

He commented: "I think the Portuguese property market is less prone to the sort of ownership mishaps and gross overbuilding that we have seen in Spain. The Portuguese are very concerned with how their market is viewed internationally - not the sign of a quick grab market. They are keen to make sure the design and spec is high quality."

This applied in a number of areas, he said, even the Algarve, where he stated that the avoidance of overdevelopment had been managed due to the "restraint" of planners.

While Portugal is managing not to slay that particular golden egg-laying goose, however, there are some who have suggested that the very best property prospects in Portugal lie in other areas. For example, last month Russell Bragg of Premier Resorts told the Daily Telegraph that while there was a possibility of the Algarve feeling negative effects from the credit crunch, the Silver Coast was one of a number of "top quality" resort areas around southern Europe for which there was still a "hunger".

Of course, one factor that can help a particular part of the country perform better than another is the development of good infrastructure. Mr Luetchens noted that: "The infrastructure is constantly improving and issues such as water usage are given high importance. This bodes well, particularly for a country that is building so many golf developments." This point has perhaps been borne out this month with news from Reuters that a new road and rail bridge in Lisbon has been approved, which will provide a third crossing of the River Tagus from 2013 and - significantly for tourism - improve links with a new international airport. It will also connect with a high-speed rail link across the border with Madrid.

Should Portugal manage to keep on developing in the right way, retaining its appeal without making errors of development, it may just be that rather a lot of new investors will make frequent use of that bridge.

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In the recent turmoil of the credit crisis the difficulties of Spain have been well documented, with falling prices, controversy over illegal building coming to a head when some properties were summarily demolished and a general feeling that a few chickens had come home to roost.

This release was published on openPR.