Why Well-Heeled Brits are Buying Up an Exclusive 'Sweet Spot' in the Algarve

Rich Brits target 'bespoke Algarve' -- a new way to buy luxury villas in the Praia da Luz area of the western Algarve, with a kick-off price of £700,000.

London, UK (PRWEB) May 3, 2007 -- Rich Brits target 'bespoke Algarve' -- a new way to buy luxury villas in the Praia da Luz area of the western Algarve, with a kick-off price of £700,000.

The villa prices start at a cool £700,000, rising to well over £1 million. And they've been going up by 16% a year for the past four years -- but it seems rich Brits can't get enough of a pioneering development idea in a western Algarve hotspot.

Nearly 30 well-heeled buyers have already staked their claims to homes on half acre plots in a unique 'you just tell us what you want' deal with developers.

English-born businessmen Christopher Burr and Keith Carre are building 90 'top end' oceanfront homes near Lagos -- and punters are laying out deposits at Reserva da Luz before a spade even breaks the ground on their villas.

Explains Burr: "Over 2,000 people a week are leaving UK shores for good -- and they're not all going to Spain.

Soaring house prices, traffic congestion and bad weather are at the top of the list of reasons why Brits have had enough of Britain.

He adds: "Our villas sit on average 1900 sq metre plots right in front of the sea -- whereas most developers here build their four bedroomed houses on plots averaging between 750 sq metres and 1,000 sq metres.

"Our clients tell us what they want and we build it for them -- and there are no strings attached such as service or condominium charges."

Susan Hicks, director at a technology publishing company, and her lecturer husband Chris, recently negotiated the completion of their dream villa with its three sea view en suite double bedrooms, study, kitchen/dining room, sitting room and fourth bedroom with garden view.

She says: "We spent months scouring the globe from Spain to Australia and came to the conclusion that's there's not much left in terms of direct sea views in the places where we might want to live. We believe a lot of people in northern Europe will want to retire to southern Europe -- and if we wait too long to buy our plot by the sea we would miss the boat completely because prices would rise beyond our reach."

Former NatWest bank executive Bob Wood and his artist wife Caroline also bought into the Reserva 'bespoke' solution.

He says: "We weren't really thinking about an investment at this level but in the end the proposition here was too compelling."

Retired businessman Maurice Kulsteran thinks eight out of 10 dogs (and their owners) would rather live in Portugal than Spain.

He says: "We looked at Spain but found the Spanish too arrogant -- and worst of all they seem to hate dogs.

Here at Reserva we had our dream villa built to our exact specification including an exclusive roman-amphitheatre-style pool, a purpose-built wine cellar, games room and high quality marble fittings throughout the property."

Reserva da Luz website: www.reservadaluz.com. Site office: 00 351 282 789 583

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