Pursuits
Portugal’s $9 Million Villas Draw Investors to Crisis: Mortgages
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At “The Keys,” a cluster of luxury villas on the Atlantic coast modelled on Miami’s palm-tree resorts, builders and gardeners are busy trying to finish before the summer tourist season.
The $300 million investment is on the other side of the ocean from Florida, at Quinta do Lago in the Algarve region of Portugal, a country more synonymous of late with economic collapse than new real-estate projects. The villas are on sale for as much as 7 million euros ($9 million) each and a quarter have buyers, according to the developer, U.K.-based E3 Property.