Tourist Region wants to end the "monkeys" in the Algarve

Putting on the housing market the unfinished work that has become monkeys to ruin the landscape, is one of the priorities of João Fernandes, who took office Friday as president of the tourism region of the country. Algarve (former vice president and replaces Desidério Silva in the post.)

"There are several buildings in the noble and tourist areas that have been empty for years and with the works stopped, with a clear impact on the degradation of the urban landscape, and could have another use tourism, "says João Fernandes, stressing the need to" take advantage of this positive cycle of real estate demand to end some "monkeys" in the Algarve. "

According to João Fernandes, 16 assets have already been identified, leading to investors are" white elephants in strategic areas of the Algarve ", and the concern to have" an opportunity for each c OMTE ". This package includes degraded or dilapidated public buildings such as the Forte do Rato in Tavira, the Pombaline warehouses in Vila do Bispo, the Santa Catarina Fort in Portimão or the São Roque Fort in Lagos, as well as mamarrachos resulting from unfinished work. like the one beside the point of view of Ponta da Piedade. The president of the tourist region of the Algarve points out that it is "a first portfolio" and that the work of identifying more monkeys will continue throughout five years of the mandate. "We want to start in 2018, but go step by step to market these investment opportunities," he says. "We will also be available to real estate companies to present cases of vacant buildings or hotels for sale."

In this first phase, the goal is to close the portfolio of 16 assets in September, to be the first quarter of 2019 in roadshow shares. A job that requires "the compensation of the property, the owners of these assets (private, state or bedrooms), the dead ends to unlock and the investment that is necessary for an investor to value them, because only goes to the market what they are in conditions for sale ". An important role will be the banks, which in addition to holding a large number of these assets "have inside information and know in which countries are the potential investors that we can mobilize," said the manager. "For this work, we will also take advantage of Portugal's Invest Portugal platform, and charming operations with investors from their country to use embassies, consulates and their network of contacts."

What is at stake? "These are not small businesses, investments can be in the range of 30 million euros," says João Fernandes. Without wanting to "replace the private", the Algarve Tourist Region wants to be a "facilitator of the meeting between available supply and investors" and have "a proactive role to attract investment in the region because there are many opportunities for investment in the Algarve that is not limited to the purchase and sale of a hotel. "

30 million euros to requalify the offer in the Algarve

Another goal of the president of the tourist region is" the need to requalify and rejuvenate the offer of the l '. Algarve, which is essential for the projected image from the destination, and that is now with more competition. We note here the new line created by the government, with 30 million euros for the Algarve, for "requalification of hotel infrastructure, catering, but also with a more innovative dynamic in services that, besides Turismo de Portugal, also involves the bank "

João Fernandes points out that" in the last two community frameworks, the Algarve was not a beneficiary of large financial envelopes, from where it is necessary to pay special attention in this area to what is the main national tourist destination. "

to compete with other destinations is a challenge facing the new president of the tourist region. "We knew that Turkey and Tunisia would rebuild sooner or later, and that this would have an impact on the Algarve," he said. He recalled that this year "the situation is unfavorable, with the uncertainties of the Brexit and the consumption expectations of the British," adding to the hole with "the bankruptcies of Monarch, Niki and Air Berlin, which were worth 10% of passengers at Faro Airport ". But he points out that while overnight stays of foreigners fell to 2.5% in May, receipts rose by 5.7%. "The Algarve, despite everything, is resilient and is gaining value, which is the big goal for 2018."