Large-scale investment of €125 million directed towards Algarve region's development
In the heart of Portimão, Algarve, Portugal, a joint venture between Spanish developer AEDAS Homes and Portuguese land specialist LandCo, a Santander bank company, is set to bring a new luxury residential development to the coastal city. The project, named Ribamar, is strategically located opposite Praia da Rocha, just a stone's throw away from the sea, with the first tower scheduled to commence construction in the second quarter of 2026[1][2][4].
The first tower, to be built on land owned by LandCo, will feature 116 apartments, ranging from one to four-bedroom apartments, each with private terraces of up to 60 square meters[3]. While the details about the size or number of apartments in the potential second tower are yet to be disclosed, an option to purchase another adjacent plot of land for a second tower with 116 more apartments exists, contingent on demand remaining strong and sustainable[5].
The exact investment amount for the project has not been publicly disclosed, but it is described as a luxury residential development[6]. The development will encompass a buildable area of 14,000m2 of residential space and 2,200m2 of commercial space[7]. The project will also include several common areas, such as a swimming pool, gym, social club, solarium, children's area, and coworking space[8].
Marketing for this first project between AEDAS Homes and LandCo in Portugal has already begun[1]. The Ribamar project represents a significant investment, with the first two towers estimated to cost over €125 million[9]. Santander bank developer has four plots of land in the Algarve with the capacity to develop nearly 500 homes[10]. However, no details about the timeline for the completion of the project or the second tower are currently available.
For those seeking high-end living close to the beach, the Ribamar project, with its prime coastal location and luxurious amenities, could be an attractive option. Nevertheless, for specifics on investment or amenities, future detailed project releases from AEDAS Homes or LandCo may provide more information.
| Aspect | Details | |-------------------|-------------------------------------------| | Joint Venture | AEDAS Homes (Spain) and LandCo (Portugal) | | Location | Portimão, Algarve, opposite Praia da Rocha, 200m from the sea | | Project Type | Residential tower with 116 apartments | | Construction Start| Scheduled Q2 2026 | | Investment Amount | Not publicly disclosed | | Amenities | Swimming pool, gym, social club, solarium, children's area, coworking space | | Commercial Space | 2,200m2 | | Common Areas | Several common areas | | Timeline | Construction Q2 2026; details about second tower TBA | | Total Homes | Potential for nearly 500 homes (4 plots) | | Estimated Revenue | €70 million |
- This luxury residential development, named Ribamar, is a significant investment by the joint venture between AEDAS Homes (a Spanish real estate developer) and LandCo (a Portuguese land specialist).
- The Ribamar project, located in Portimão, Algarve, Portugal, offers the opportunity to invest in a prime coastal location with high-end living and various amenities like a swimming pool, gym, and coworking space.
- The project is projected to cost over €125 million for the first two towers, with Santander bank developer owning four plots of land in the Algarve that could potentially accommodate nearly 500 homes.
