Knight Frank’s latest Global Branded Residence Survey shows how fundamentally the branded residences sector has changed over the past decade, as well as its rapid rate of growth.
Set to pass the 1,000-development market this year, the sector now spans 90 countries and trebling in size over the past decade with further growth forecast – Knight Frank reports it’s on course for 1,800 schemes, encompassing over 300,000 units, in the next five years.
While the sector has boomed massively over the past decade, it has also undergone significant change. Over 60% of branded residences were in city locations in 2016, but by 2028 some 57% will be in non-city locations. The embracing of island, mountain, resort and coastal locations reflects the growing understanding that the value derived from branded residences “is migrating towards the things money alone cannot manufacture,” according to Knight Frank.
Alda Filipe, Regional Director and Partner at Kronos Homes, has witnessed this shift first-hand, noting significant demand for the coastal residences in Portugal’s Algarve at Westin Salgados Beach Resort and Marriott Residences Algarve Salgados.
The co-located developments embrace the natural beauty of the Algarve, from the stunning Salgados Lagoon Nature Reserve to the neighbouring Salgados Beach. Within easy reach of the shops and services of the charming town of Galé, the properties are nonetheless set apart in their own natural idyl.
Filipe comments: “The Westin Salgados Beach Resort and Marriott Residences Algarve Salgados are attracting buyers from around the world thanks to their unique setting and luxurious lifestyle offering. The individual homes are full of light and beautifully furnished in line with the high standards of the Westin and Marriott brands. The incredible landscape elevates this even more, with breathtaking scenery delivering an invaluable sense of serenity and connection to nature.”
The Westin Salgados Beach Resort and Marriott Residences Algarve Salgados also reflect another trend noted in the Knight Frank report: that of wellness shifting from amenity to infrastructure as part of the branded residence offering.
Set against the glorious backdrop of the Algarve coast and the greenery of the Salgados Golf Course, the properties intersperse swimming pools with restaurants, spa facilities, lush landscaping and a fitness and wellness centre, offering a lifestyle that flows naturally from one to another. The local area also opens up opportunities for hiking, running, swimming, kite surfing, paddleboarding and more, making fun, active time outdoors something that’s simply part of daily life.
Reachable in under an hour from Faro International Airport, the residences at the Westin Salgados Beach Resort and Marriott Residences Algarve Salgados are easily accessible from a wide range of European destinations, as well as the US, Canada and further afield. Knight Frank points out that international flights will reach 13.2 million this year, as well as that the average ultra high net worth individual now owns an average of 3.8 homes (up from 2.9 less than 10 years ago).
Kronos Homes’ Alda Filipe comments: “This combination of greater mobility and increased appetite for luxury properties in idyllic locations is driving the growth of the branded residences market. We’ve seen significant demand for the Westin Salgados Beach Resort and Marriott Residences Algarve Salgados, with buyers keen to balance the prestige of the brand with the potential for capital growth that these homes deliver. Many buyers are also keen to make their properties work for them when not in use, attracted by the excellent income potential that the homes provide as part of a professionally managed service.”
Westin Salgados Beach Resort is home to 42 properties, priced from €675,000 for a two-bedroom home. Prices at the Marriott Residences Algarve Salgados start from €350,000 for a one-bedroom residence, with a total of 54 homes available. Full details of both are available through Kronos Homes.
For more information, call (+ 351) 289 353 499 or visit kronoshomes.com