EXOTIC PORTUGUESE PARADISE

Palmyra is an Exclusive Iberian Development with a Difference. Michael Duignan tells Jill Acheson why this is a lifestyle investment opportunity that is not to be missed

Two hurling legends with a penchant for property are offering investors a unique opportunity to attain an upmarket property in sun drenched Portugal. Michael Duignan and Joe Connolly, along with a third partner Michael Lynskey have put their property and auctioneering experience into the development of Palmyra. Located in the Algarve’s Golden Triangle, the third and final phase of Palmyra features 40 stylishly finished town houses, with further developments in nearby Quinta do Lago planned in the future. The homes are being sold in partnership with E3 Properties, an international property investment company who have worked on projects throughout the UK and Southern Europe.

ACCESSIBILITY

Palmyra is 15 minutes from Faro international airport making it highly accessible to residents. The excellently situated homes offer the resident uninterrupted sea and golf course views, and are nestled in the stunning surroundings of the five star Vila Sol Spa and Golf Resort, a top ten European golf resort.

Palmyra is set within a secure two storey complex with the surrounding area beautifully landscaped with exotic gardens and numerous water features. The development is finished to the highest possible standards incorporating solid oak doors, heated bathroom flooring, hot and cold climate control, polished oak flooring and wardrobe fittings; all ensuring an investment of the utmost quality.

Joe Connolly, Michael Lynskey & Michael Duignan with a model of Palmyra

HOME FROM HOME

“Essentially, it is a lifestyle choice for people, and so far it has not been a hard sale,” says Duignan enthusiastically. “There is very strong capital appreciation predicted in the next few years. Some houses are available on a rental basis and others have been bought by people who occupy them at certain times of the year,” he adds.

There is an excellent mortgage package available of up to 85% with very competitive rates through Michael Lynskey Mortgages. According to Duignan, phase three prices start at €750,000, for a fully furnished 3000 square foot property. Regino Cruz Architects’ eye catching designs borrow from the classic styles of Portuguese architecture with subtle Moorish influences and Algarve inspired roof top styles.

HIGH QUALITY

The consumer is very well protected by Portugal’s habitation laws where fully completed developments are inspected by an official, so must be of a very high standard before gaining its habitation licence allowing it to go on the market. Duignan is a big fan of life in the Algarve,“the locals realise that tourism is part and parcel of their economy and are very welcoming, open and friendly, speaking four or five different languages. There’s a home from home atmosphere here as well as a beautiful climate.”

AUTHENTIC ATMOSPHERE

In 2008, an extra facility with over 30 shops, restaurants and bars will open, offering an added incentive to potential investors. The nearby five star Vila Sol Hotel has a vast selection of restaurants, bars and cafes. Palmyra’s nearest town is the bustling Vilamoura, a friendly seafront town with a well known marina and authentic Portuguese atmosphere. “Palmyra is a development that ticks all the boxes; the climate, the proximity, the quality, the lifestyle and the people,” says Duignan. With 25% of the third phase already sold and sales anticipated to be wrapping up in the next couple of months, the future looks positively sunny for Palmyra.

EXCLUSIVE LAUNCH

Published in the September 2007 Issue of Irish Entrepreneur