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Villa Sol strikes deal as Portuguese recession looms
Country: Portugal
20 January 2009
Portuguese tourist group Vila Sol has struck an agreement to construct two mixed-use projects in the Douro region in northern Portugal, which will include the development of two hotels with a total of 200 rooms and golf resorts, at a cost of around £173m.
The news comes as a boost to Portugal’s economy, which is currently flirting with recession. Recent data showed sharp declines in output in October and November, extending the modest contraction in real GDP noted in Q3. If recession does take effect in Portugal, the country will be joining much of Europe in the economic doldrums, particularly its closest trading partner, Spain. Portugal’s Gross Domestic Product is expected to fall by around 0.9% in 2009.
Meanwhile, Portugal has been commended for its outstanding environmental record by a host of international travel websites. The country is keen to build its increasingly ‘green’ reputation. A recent poll by British Travel Association found that 83% of people consider it important their holiday does not damage the environment.
“With 220 days of sunshine a year and 800 kilometres of coastline, Portugal boasts some excellent advantages for the development of renewable energies,” Vice President of Turismo de Portugal, Dr Frederico Costa told Travel Daily News International.
“With holidaymakers becoming increasingly concerned about their environmental footprint, Portugal is an excellent destination for those looking for a ‘greener’ holiday option,” he added.
View other property news affecting the property market in Portugal, articles about investing and buying property in Portugal, or view our range of property in Portugal.
See Also: portugal
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