Exceptional Demand

Kronos Homes has announced the early launch of the second phase of apartments at the Algarve’s stunning Palmares Ocean Living & Golf, following the sale of 100% of its phase I apartments well ahead of schedule.

Palmares has made a name for itself thanks to its outstanding 27-hole golf course and superior setting. International buyers have flocked to snap up the resort’s stunning homes. Buyers of the first phase, which consisted of 37 apartments, included Americans (who accounted for 25% of purchasers), domestic Portuguese buyers (22%), Britons (14%) and individuals from a wide mix of other countries, including Switzerland, Germany, the Czech Republic and further afield.

The fully sold out first phase apartments look out over the Alvor Estuary. They were designed by Pritzker Award-winning RCR Arquitectes and are currently under construction, with completion due in the spring of 2022.

The new phase will provide exceptional sunset views across the Bay of Lagos and Meia Praia beach, thanks to their elevated position. The 44 apartments are currently in the pre-launch phase, for which there is already a growing waiting list.

Set within the natural amphitheatre of Palmares, the new homes are available in one- to three-bedroom configurations. Each apartment includes two parking spaces and a private storage area. All apartments are sold fully equipped and furnished. They come with annual golf membership for two, to ensure owners get the very best from the stunning Palmares resort.

Rui Meneses Ferreira, Partner at RCR Arquitectes, commented:  “One of Kronos Homes’ goals was to create a destination that appealed to domestic buyers, as well as those from overseas, so it has been gratifying to see so many Portuguese clients put their trust in our project and recognise the quality of the real estate on offer at Palmares. The exceptional location by the sea, with its unparalleled natural beauty and where low construction density prevails across the apartments and the other amenities at the resort, creates a unique and very attractive place for buyers.”

The news of the phase II launch follows Kronos Homes celebrating two years of owning and operating Palmares Ocean Living & Golf, as part of a €200 million investment masterplan. The company has already poured investment into the resort and its real estate, launching a host of homes and facilities, including a spectacular Clubhouse designed by RCR Arquitectes, Al Sud – the new fine dining restaurant from Michelin-starred Executive Chef Louis Anjos – and the new Experience Cocktail Bar.

The additions to the resort are part of a masterplan that will deliver a total of 460 homes (103 villas and 357 apartments), a second 5* hotel (in addition to the existing 20-room, 5*star Beach House Hotel) and a pool and wellness facilities. Eight Signature Villas – a turnkey project by RCR Arquitectes – are currently for sale in addition to the apartments, with the first villa having already been completed.

The intensive investment into the resort and its facilities has provided scope for strong capital appreciation. Many of those buying into the second phase of homes are clearly conscious of this, purchasing land plots with a clear eye on potential capital growth. 50% of these have already sold amidst increasing demand for the generously sized plots in their premium location.

Alda Filipe, Sales and Marketing Director at Kronos Homes  said: “We are delighted with the strength of demand for homes at Palmares Ocean Living & Golf. The apartments have proven so popular that we will be launching the second phase earlier than expected this autumn, to ensure that buyers looking to own homes at this world-class resort have the ability to do so.”

Palmares Ocean Living is one of four Kronos Homes projects in Portugal. Operating there since 2017, the company owns and managers Amendoeira Golf Resort in the Algarve and DISTRIKT and The One (both residential projects) in Lisbon.

Families are the main buyers at Amendoeira Golf Resort, which is close to international schools and delivers a superior quality of life and service in a low-density environment. Increasing sales are being driven by demand both from buyers looking to reside in Portugal and those seeking a second home there.

In the DISTRIKT residential development, in Parque das Nações, contracts have already been signed for the sale of 50 of the first 81 apartments available. 80% of the development’s commercial areas have also been reserved. A new sales phase was recently launched, with another 41 apartments, of which 25% have already sold.

Also in Lisbon is The One, a project from Pritzker Prize winning architect Souto de Moura. Announced in May 2021, the project will be located on Avenida João XXI. 30% of the 65 ultra exclusive apartments have already sold.

At the beginning of 2022, Kronos Homes will launch its fifth project in Portugal – a new residential project in Paço do Lumiar, in Lisbon. Plans are also in development for the delivery of Build to Rent homes in Portugal, under the Stay by Kronos brand, which already operates in Spain.

https://palmaresliving.com/