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Portugal’s US$9-million villas draw investors looking to cash in on crisis

Blog by Brad Herman | March 13th, 2013

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 US$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 (US$9-million) each and a quarter have buyers, according to the developer, U.K.-based E3 Property.