PHOTOS: Estonian Village in Portugal? Invego Has Already Sold a Fifth of Silves Hills Villas
Construction of Silves Hills, being built in southern Portugal by Estonian developer Invego, will begin in the second half of this year, and nearly one-fifth of the villas have already found owners. The budget for building the district with a total of 154 villas exceeds 100 million euros, and the first villas will be ready for move-in in the first half of 2027.
According to Invego CEO Kristjan-Thor Vähi, the sale of Portuguese villas in Estonia has progressed particularly rapidly, as a result of which 20 villas have already been sold to Estonian buyers to date. "Initially, we planned to sell up to one-tenth of the villas in Estonia, but it seems now that two to three times more will be sold," says Vähi, adding that thanks to team members based in Portugal, Invego can offer comprehensive advice and assistance in Estonian throughout the entire process.
"Of course, it won't be a real Estonian village, but quite a few purchases have been made with the knowledge that one can speak one's mother tongue with nice Estonian neighbors in the future. International sales began at the beginning of the year and handshakes have already been made with buyers from the Netherlands, Norway, and France," describes Vähi, and adds that the southern Portuguese climate is perfect both for year-round living and seasonal stays. "Among the buyers are those buying a second home, people planning a permanent residence, and rental investors. From the beginning, we have taken into account that many buyers will not be there all the time, and so we also offer full management services to those who wish, which allows them to rent out the villa and earn income during the time they do not use it themselves," explained Vähi.
According to Kristjan-Thor Vähi, southern Portugal is a friendly and safe region, but in the sunny southern part of Algarve, there are few modern developments that meet our standards, which is why there is great demand for them. "Real estate there is one of the most affordable in terms of price level in all of Old Europe and is also very suitable as an investment," explained Vähi.
Construction of the first phase of Silves Hills will begin in the second half of this year, and by that time over one-fifth of the entire project scope will be covered by contracts, according to Vähi. "For all EU citizens, favorable financing conditions offered by Portuguese banks make the decision easier," he added, noting that with only a 20% deposit, local banks offer loans at interest rates below 1% + Euribor.
The architectural solution for Silves Hills has been implemented by renowned and award-winning Portuguese firm Paulo Merlini Architects according to Invego's concept. The villas are available in four different sizes and designed for year-round use – each house has both cooling and heating systems, as well as a spacious terrace and a heated pool. The entire villa district has been carefully planned to blend into the surrounding mountainous nature and positioned to ensure maximum privacy for each villa. Silves Hills brings together an international community, modern amenities, closeness to nature, and a harmonious living environment.
In addition to high-quality and smartly built villas, residents can use a shared club building that will include a restaurant, bar, gym and saunas, as well as tennis and padel courts, a co-working area, plus many other leisure options.
Invego is one of Estonia's leading real estate development companies with more than a decade of experience, currently working on nearly 30 development projects in three countries. In recent years, over 1,300 homes and more than 50,000 m² of commercial space have been built in Tallinn and its vicinity. In Estonia, Invego's largest developments include the recently completed Tiskreoja and Tabasalu Kodu, and the currently ongoing Luccaranna, Uus-Järveküla, and Keila Parkikodude residential district. In Latvia's capital, the company is developing the Vitolu Parks, Parka Kvartals, and Skanstes Rezidences residential districts, and near Riga, a row house residential district Vide Adaži is being built. In summer, Invego began development of Silves Hills, a 154-villa project spanning 65 hectares in southern Portugal.
