IFA Hotels & Resorts have acquired two residential buildings in Pine Cliffs Residence, the prime tourist resort of the Algarve, Portugal for US$ 35 million. The resort sits on 2kms of beach front and on an area of 700,000 square metres.

Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR, said: “We are pleased with the new acquisition and believe strongly in the Portuguese market. Pine Cliffs Residence is a new and unique concept for the European market and was developed by United Investments Portugal, a part of the IFA Consortium.”

This is the first residential project investment for IFA HR in Portugal, and we will be responsible for all re-sales through our international network of offices. This is part of our strategy to invest in various residential and mixed-use developments to further expand our product range and global presence.

Located in one of the most exclusive areas in Europe, Pine Cliffs Residence will be managed by the Sheraton Algarve and will consist of two- and three-bedroom units, furnished to the highest quality. The resort is surrounded by a pine forest, overlooks the ocean and is home to a superb golf course. Pine Cliffs Residence was launched as an innovative freehold property investment that combines a trouble free holiday home, with a minimum 5% guaranteed return on investment per year for the next three years, and strong capital growth potential.

Pine Cliffs Resort is one of the most awarded resorts in Europe. It has been voted ‘Best Resort in Europe’ by the World Travel Awards for 2001 and 2002, while in 2004, 2005 and 2006, it was awarded ‘Best Resort in Portugal’ by the same association. The resort was also voted as the ‘best location in the world to invest in a property in the sun’, by the UK’s channel 4 TV programme, A Place in the Sun. In addition, Pine Cliffs is the only resort in the Algarve to receive a ‘Prize of Excellency’ by the Sovereign/First Choice. The International Association of Golf Tour Operators voted the Algarve as ‘Best Golfing Destination in the World’.