Following several very difficult years for the local construction companies, where we saw some come to a sticky end whilst some of the more established companies simply hung up their trowels, we are now seeing cranes on the sky lines of Lagos once again.
2008 saw a lot of panic from the builders as they were half way through building new projects with huge investments on the future. As the crash unfolded we saw building sites left unfinished as well as unsold developments left empty and some swallowed up by the banks.
Some of the larger resorts such as Oceanico and Vigia felt this the worst with both companies undergoing difficult times and in the case of Vigia - liquidation. Smaller construction companies and development companies in Lagos as well as the surrounding area also closed their doors during one of the deepest recessions in the last 50 years that hit us all.
But it appears that brick by brick, the construction companies are recovering, Mira Lagos and Rodrigues & Vermelho, two of the largest and most successful companies in the region are building new developments again and Jose A Viegas is developing across the region offering his unique style and standard to some of the area’s most luxury villas.
Added to this, the banks are now releasing older repossessed developments that had been mothballed following repossession to the market. Rumours are rife that even The View 2 at Salema is going to be re-started in the next few weeks or months.
Developments across the Western Algarve are now cropping up with new apartment complexes being built in Porto de Mós, Torraltinha and Amejiera which are all coming to market in the next 6 months.
The builders have not been resting on their laurels with new specifications raising the bar in quality and luxury. The introduction of the new energy ratings means constructors are designing with all this in mind, and Santo Amaro the latest development by Rodrigues & Vermelho has been awarded am A+ certificate, the highest rating available.
Added to this is the arrival of many French and Scandinavian clients who are again increasing the pressure on to the builders ensuring they keep raising that bar.
For more information on new developments give me a call on (00351) 918 473 280 or email me on david@bpaproperty.com.
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