HouseMonchique (Portugal)

Price :

$727,100

USD

Euro € EURAmerican Dollar ($ USD)British Pound (£ GBP)

land9.7 ha

Property spanning about 10 hectares (24.7 acres) on the Algarve's highest point, Pico de Fóia, at an altitude of 902 meters above sea level. The extent of the sights depends on the cloudiness, and on some days the horizon stretches all the way to Cabo de São Vicente and Serra da Arrábida. There is a water spring (Fonte Santa - Holy Spring) on the edge of the property, as well as archaeological finds that confirm the historical importance of the site during the Knight Templars era, making this location an important tourist attraction and a must-see site for those on the Monchique-Fóia route. The property includes eight ruins, so permission has been granted to build a 4 star tourist resort with up to 60 rooms, pool, as well as restaurant infrastructure to operate the tourist attraction, including terraces and panoramic bridges with a total construction area of 4.635 square meters, currently under approval with all project costs by the owner. The project will be built with the least possible visual impact, along the property's slight slope, on an area spanning almost 30,000 square meters worth of urban potential. Monchique is a municipality with an important tourism tradition, not only because of the historical significance of its hot springs, but also due to the beauty of sites like Miradouro de Fóia and its unique forest and mountain microclimate with more than 2 million tourist every year. Tourism thus has a significant role in the municipality's economy, especially in terms of restaurants, handicraft, and shops in general. The land will be sold with a borehole and electricity.