All this demand for Faro has awakened the city. With more and more people looking at Faro, we are curious to find out who these buyers are. The Portugal News spoke to Richard Vessot and Etsânea Fortes, Sales Manager and Marketing Assistant, respectively, who are part of the MJ Développment group team.
Established roots in the Algarve
Most people who have bought a property in Faro know and understand the Algarve very well. These are people who have already been in the Algarve several times, love the country and the experience of being here.
"It's not the first time they have been here". Unlike Mauritius, where the MJ Développment group also has investments, the Algarve is only a 2:30 hour flight from several European capitals, which really makes it easier to travel and visit.
Desired city to move to
While you can't ignore that the Algarve is a very tourist-based region, the developers of Quinta de Faro are absolutely certain that Faro is not just a holiday destination, it's a place where people want to settle in. "Clients want to relocate," they said.
There are people moving from other Algarve towns to Quinta de Faro because, when compared with other Algarve towns, Faro offers lower prices and an authentic experience. For example, "in Quinta do Lago people can't find that kind of product, and if they do, it costs six million or more".
Quinta de Faro will be an international condominium. "Most of the buyers are French and English, some of them are Portuguese immigrants in France who are coming back to their roots, but there are several Portuguese who have bought so far. They are people who work in Faro, live in Faro, at the hospital for example, and they had been looking for such an offer for a long time," they said.
Having Portuguese neighbours in a very Portuguese city is something that attracts expats who want to belong to the community. "The profile of foreigners who want to live in Faro are people who want be part of the community," they added.
Quinta de Faro is really a good long term investment. In fact, Joaquim Pires' forecasts at the beginning of the year were right, he said that clients could sell the property in the future for 30 percent more, even without them already being built.
However, we must say that the people who are buying property at Quinta de Faro are not the kind of investor profile we are used to. "Some will rent out their property in the best months, like July and August, and then live there for the rest of the year, but most of them will live at Quinta de Faro all year round," they said.
As Richard Vessot and Etsânea Fortes told me, many clients ask if Quinta de Faro will be a ghost condominium, where you only see residents in the summer, and the answer is a firm “No”. “This is not going to be a ghost condominium in the winter, and clients are happy to know that”, Richard pointed out.
Additionally, "these clients are open-minded people, aged between 40 and 60, who have two or three children", want to live a happy life in a safe place like Faro, with good schools, high quality public and private hospitals and green spaces near the Ria Formosa.