The & apos; new Ibiza & apos; of Portugal unleashes the interest of international investors

• Fourth rise in four years.Portugal will increase the minimum wage by 6%, up to 635 euros per month

For centuries the Herdade de Comporta has been one of the best kept secrets in Portugal. Although the locals and the elite of the jet-set were aware of the existence of its fantastic pristine beaches, the world public had no idea that paradise was on the Portuguese coast, crossed by the estuary of the Sado River and the Atlantic.

For nine centuries the estate had been left to discrete owners, moving from the Military Order of Santiago de la Espada to the noble house of Aveiro, from the Portuguese Crown to a British holding company, and in 1955 to the Espírito Santo banking family , the richest in Portugal, who handled it as his particular fief. Despite the unique beauty of the lands, none of the owners had been interested in developing them; at the most, they had limited themselves to managing the rich rice fields of the area and left the enjoyment of the kilometer beaches to the local day laborers and to the aristocratic friends who dared to make the trip from the Portuguese capital, located just 60 kilometers north of The Herdade

Although at the beginning of this century the last head of the Espírito Santo, the banker Ricardo Salgado , showed some interest in starting to exploit the tourist capacity of the area, the situation really changed in 2014, when the Espírito Santo Bank collapsed (BES) , and the clan was forced to sell its many properties, including the mythical large estate. The possibility of developing the beaches of Comporta unleashed an intense competition for property, with numerous international buyers interested in acquiring the land.

However, the estate has finally been partially in Portuguese hands: last November the sale of real estate assets of the Herdade was closed to a consortium formed by Amorim Luxury -property of Paula Amorim, the richest woman in Portugal and heiress of the deceased Américo Amorim, the celebrated king of the cork -, and Vanguard Properties - of the French Claude Berda, the audiovisual entrepreneur known for being the foreigner who has invested the most in the neighboring country.

In total, the consortium has paid 157.5 million euros for 1,380 hectares, in which it intends to invest more than 1,500 million euros to create a new tourist offer "of the highest quality" and of " international, exemplary and unique level in Portugal and Europe . " Among the different projects of the consortium in the area there are two hotels and golf complexes, and a separate initiative that includes the construction of a residential complex composed exclusively of luxury villas.

The initiatives of the Amorim and Vanguard consortium are framed within the urban boom of this part of the Portuguese coast, where there are also large projects planned in the neighboring Troia peninsula. According to the weekly Expresso, Sandra Ortega , the richest woman in Spain and heiress of Amancio Ortega, is finalizing the construction of a luxury resort that includes a hotel and a high-end village that is expected to open to the public in 2024.

'The new Ibiza'

For decades the international elite has been seen by Troia and Comporta: Jackie Onassis spent some summer in its beaches and the princely family of Monaco is seen by nearby villages with some frequency, while some celebrities - including designers French Christian Louboutin and Philippe Starck- have been living in the area for years.

However, the lack of development in the area had prevented it from becoming an international reference site until very recently, when international investors began to be interested in it. Being just 90 minutes from Lisbon and having spectacular views of the Atlantic and the Sierra de Arrábida, the untouched lands of Troia and Comporta are juicy for real estate funds that seek to exploit the growing tourism potential of the neighboring country. Such is the financial interest in this part of Portugal that the Wall Street Journal predicts that it will soon become "the new Ibiza", a Portuguese destination capable of snatching tourists to the most iconic destinations of the Balearic Islands .

Vitor Paiva, broker of the luxury real estate Engel & Völkers, explains that Troia and Comporta have a unique advantage over other beaches on the continent. "While the Algarve and the Spanish coast are overcrowded, here you find 50 kilometers of pristine beaches , something that makes it look like you are in Ibiza, but 40 years ago. Inside there are also attractions for foreigners: picturesque villages, rustic, genuine, where the cost of living is still very cheap for someone who comes from the United Kingdom or from central Europe. "

The real estate agent acknowledges that the new urban projects will increase the tourist flow in this part of the Portuguese coast, but does not believe that it alters the fundamental identity of the area.

"Unlike other parts of the coast where there was construction between the 60s and 90s, here real estate development is taking place with approved legislation that protects the coast. By law it is forbidden to build less than a kilometer from the water, so the more iconic element - the virgin beaches - is going to be preserved . I do not say that it is not more difficult to book in the restaurants here in a few years, but generally I think the impact will be positive. "

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