Prestige is developing a 97villa resort worth 42m in the western Algarve near Lagos. The group is now looking for investors in the resort, offering a six-year investment programme between the three-year build programme and a 5.5% guaranteed rental for three years after completion.

A recent launch saw 34 of the units snapped up by Irish investors who, under the terms of the agreement, have six weeks' personal use of the villas.

Vale de Ouro, which translates to 'Valley of Gold', includes the choice of luxury two- or three-bed terraced villas. Villa sizes range from 142 to 170 square metres, with two-bed units starting at 390,000 and three-beds at 450,000.

The resort is a 15-minute drive from the beautiful historic Algarve town of Lagos, and a five-minute drive from the coastal village of Salema.

The opening of the new western Algarve motorway means Lagos is an hour's drive from Faro airport.

Gerard Murphy, managing director of Prestige Group, says the sales at Vale de Ouro are structured to balance both investment and lifestyle.

"We want to ensure that this is not just a lifestyle choice but a strong wealthgenerating asset and an innovative six-year investment play. Prices in the western Algarve are currently lower than in the more developed central Algarve resorts but we expect this gap to close extremely quickly, based on appreciation seen in the region already."

Vale de Ouro will be directly linked to the superior and well established Parque da Floresta holiday resort, which has a championship golf course, a spa and an extensive tennis academy. Its par-71 course has hosted major events including the Euro-pro Tour Championship and ex-England footballer David Seaman's 'Safe Hands' charity golf classic.

A loyalty scheme means buyers at Vale de Ouro will be able to avail of significant concessions when using Parque da Floresta's facilities.

Vale de Ouro has its own tennis court and swimming pool, and it will also have a bar and restaurant. Prestige says more golf courses are planned for the area. Those who opt for the guaranteed rental scheme for the first three years get six weeks' personal use of the properties. After the three years, buyers can join the local management scheme run by the long-established Vigia Group, which owns Parque da Floresta. The architectural design at Vale de Ouro is designed to suit the resort's hillside location. It is inspired by traditional Portuguese architecture and includes terracotta roofing and whitewashed exteriors.

Building is of a high quality and standard features include granite worktops, electrical appliances in the kitchen, underfloor heating and air-conditioning. Prestige runs an interiors service and can fit out each villa to suit a range of budgets.

Buyers must provide a 2,000 booking deposit to reserve a villa in Vale de Ouro. This is refundable on payment of a 20% deposit, with the remaining 80% balance due on completion in about three years' time.

Prestige Group's Portugal Buyers' Guide: 1850 336666