Wednesday 11 October, 2023
Portugal’s top racetrack is the Autódromo Internacional do Algarve, located a short drive from Portimão and the Algarve’s fabulous beaches. Now petrolheads from around the world have the chance to own a home there and enjoy easy access to world championship racing and topflight driving experiences. Here’s why the Algarve Race Apartments complex offers a rare opportunity to combine a passion for motorsports with the fabulous Portuguese lifestyle.
A one-of-a-kind location combined with attractive prices make apartments at a new complex beside Portugal’s Formula 1 racetrack one of the most attractive investment opportunities in the Algarve today, said exclusive promoter of the project Ideal Homes Portugal in October.
The key-ready Algarve Race Apartments complex offers a rare opportunity for investors to secure a fully managed, income-producing property situated just a few hundred metres from Portugal’s famous Autódromo Internacional do Algarve (AIA) racetrack near Portimão. With prices starting at just €175,000 for a one-bedroom unit, owners can benefit from strong returns by entering their property into the on-site rental scheme, keeping a set number of days each year for their own personal use.
Easy finance and no extra costsThanks to its proven rental audience, leveraging an investment at Algarve Race Apartments could make perfect sense. Ideal Homes Portugal’s mortgage team have access to competitive products with foreign investors required to put down just 30 per cent as a deposit, giving them access to mortgage rates of around 3.5 per cent with a five-year term or longer. A €3,000 holding deposit is needed to reserve an apartment.
Five-star hotel statusAlgarve Race Apartments operates alongside the five-star Algarve Race Resort hotel, situated next door. Residents of the apartments have access to the hotel’s facilities, which include a restaurant and two bars, large terrace, spa and gym, indoor and outdoor pools, games room and Kids Club, as well as smart corporate facilities.
Coast, clubhouse and countrysideThe AIA and Algarve Race Apartments sit in a rural area called Mexilhoeira Grande, with the pretty Monchique Mountains as a backdrop. Despite this natural setting, which offers scenic trails, horse-riding and mountain-biking, the beach resorts and tourist amenities of the Western Algarve are still very close. The historic marina cities of Lagos and Portimão are both around 15-20 minutes’ drive, the nearest beaches at Meia Praia and Praia da Rocha are around 25 minutes away and equally accessible are golf clubs at Penina, Alamos, Boavista and Morgado.
Breaking records! The Autódromo Internacional do Algarve (AIA) was the busiest it has ever been in 2022, when it achieved ‘customer occupancy’ of 355 days. This included 24 national and international championship races and 23 days of corporate events, all of which helped it attract more than a million visitors. The year of its 15th anniversary, so far 2023 has been equally successful and 2024 is lining up to be just as busy.
In March this year, the racetrack hosted the opening race of the 2023 MotoGP World Championship, in April FIA World Endurance Championship (WEC) and International GT Open races were held there, at the end of June the FIM JuniorGP World Championship excited crowds and this autumn competitors in the FIM Superbike World Championship and European Le Mans Series are setting the track alight! Not forgetting the pro-karting races and Algarve Classic Festival at the end of October.
An exciting question on many people’s minds is when will Formula 1 return to Portimão? The AIA hosted the Portuguese Grand Prix in 2020, after a 25-year break in the country, and then in 2021. The circuit came within a whisker of hosting Formula 1 racing again this year after the Chinese GP was cancelled in December (due to Covid). Portugal was momentarily in the running as a replacement but organisers decided to drop the date from the F1 calendar altogether. Watch that space!
Experience it for yourself!Visitors who feel inspired are invited to test the track for themselves, by taking part in one of the various driving experiences on offer. There are corporate packages available too, while the AIA’s own driving school can provide courses with qualified instructors.
The AIA is also home to the Kartódromo Internacional do Algarve (KIA), one of Europe’s largest go-kart tracks. Then there are the three off-road tracks where all types of off-terrain vehicles, including SUVs, rally cars and motorbikes can be hired for private or corporate use.
Starting prices at the Algarve Race Apartments, which come fully furnished and ready for occupancy, are €175,000 for a one-bedroom unit, €209,000 for a two-bedroom and €235,000 for a three-bedroom. Sole promoter of the complex is Ideal Homes Portugal (www.idealhomesportugal.com).
For more information about purchasing at Algarve Race Apartments, readers should email info@idealhomesportugal.com or visit https://news.idealhomesportugal.com/algarve-race-apartments
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