New F1 circuit to boost property in Portugal
The launch of Portugal's new motor racing circuit is expected to bring more tourists to the Algarve and boost the region's property market.
Situated just one hour from Faro Airport, the Autodromo Internacional at Portimao is a potential Formula One venue, having already received approval from the FIA governing body.
The track hosted a World Superbikes event last weekend and will be used for testing by F1 teams McLaren and Honda in December.
According to nubricks.com, the new racing venue is good news for both tourism officials and property investors in the Algarve.
"Tourist levels will substantially increase as visitors flock to see the sporting contests," the website states.
"Any growth in employment and tourism trade, especially during the off-peak season, should create higher occupancy rates for buy-to-let investors."
With about 1,000 new jobs created by the Autodromo Internacional, the circuit is expected to bring economic benefits on a local and national scale.
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