Beaches, a great marina and golf courses are all close by, while museums, art galleries and great cafes, restaurants and shops abound along the old town's cobbled streets.

It's near here that Sandyford, Co Dublin-based Paramount Court Developments has located its latest project, Vilabranca, a scheme of 115 apartments and a small number of townhouses and private villas.

Phase one is being launched this week and prices are keen for Portugal, starting at 175,000 for a fully furnished and air-conditioned 65sq m one-bed.

"It's set in a wonderful peaceful location by the sea about a 50-minute drive from Faro Airport, where there are over 15 scheduled flights and 25 charter flights per week now operating from Ireland, " says Brian Nevin, sales director with Paramount Court.

"It is an ideal location for the investor, retiree or for those looking for that ideal setting for a holiday home."

This is the first of a number of developments planned by the company, largely because property in Portugal has seen such strong capital appreciation, averaging 10% to 15% since the year 2000.

Paramount's Vilabranca development is close to Lagos and includes a lot of green spaces, two pools with large terraces and poolside bars and restaurants, tennis courts, a games room and a children's playground.

Figures provided by the company show that the current rental income within the locality of around 14,750 per annum should cover all costs, which include the interest-only repayments on an 80% mortgage, maintenance and management fees.

Nevin says 80% mortgages can be arranged and about 15 of the apartments have already been sold.

All the apartments are wellfinished and include contemporary kitchens with cookers, fridge freezer and microwave, furnished lounges with satellite TV and two twin bedrooms, a separate bathroom and an ensuite.

Each unit has either a terrace or balcony overlooking one of the pools.

Phase two is due to be completed in April 2008 and Paramount Court is offering a selection of 28 one-and twobed apartments, nine townhouses with pools and six private villas with pools.

There is a selection of top golf courses around the Lagos area, set by top name course designers such as Henry Cotton and Arnold Palmer.

There is also a marina nearby, with a selection of shops, entertainment and leisure facilities.

Further information from Paramount Court Developments:

01 - 2136206;

www. villabrancapt. com