10 10 10 portugal residential tourism market confidence analysis 2nd quarter final english

10 10 10QUESTIONS DEVELOPERS AGENTS

PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE

Q U A R T E R L Y M O N I T O R

2nd Quarter

10 10 10PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE

Q

200910 10 10Q U A R T E R L Y M O N I T O R

QUESTIONS DEVELOPERS AGENTS

PORTUGAL RESIDENTIAL TOURISM MARKET CONFIDENCE ANALYSIS

2nd Quarter of 2009 vs 1st Quarter of 2009

ASSOCIATES 1associates



CONTENTSQ U A R T E R L Y M O N I T O R

Introduction 3

1 – Market confidence in the residential tourism market 4

2 – Market interest in the regions of Porto, West (Oeste), Lisbon and the Algarve 5

3 – Decision‐making factors that influenced buyers in the 1st quarter of 2009 6

4 – Markets that represented a threat to Portugal in the 1st quarter of 2009 7

5 – Sales ‐ level of business activity 8

5 1 Sales volume by property type and price per square metre 95.1 – Sales – volume by property type and price per square‐metre 9

5.2 ‐ Sales – market interest in the 1st quarter of 2009, by country 13

5.3 – Sales – market confidence for the 3rd quarter of 2009 14

6. – Holiday rentals – level of business activity 15

6.1 – Holiday rentals ‐ volume by property type 16

6.2 – Holiday rentals – market interest in the 1st quarter of 2009, by country 19

6.3 – Holiday rentals – market confidence for the 3rd quarter of 2009 20

7 – Marketing measures that are being considered for implementation 21

8 ILM Advisory final conclusions 23

ASSOCIATES

8 – ILM Advisory ‐ final conclusions 23



INTRODUCTIONQ U A R T E R L Y M O N I T O R

Developed by ILM Advisory, the 10‐10‐10 serves as a quarterly marketing barometer with the objective of evaluating the level of confidence inthe domestic residential tourism industry by monitoring the performance and tendencies in the sector.y y g p

The 10‐10‐10 encompasses a series of initiatives that ILM Advisory is developing as part of its Portugal Residential Tourism Market Intelligence report, which aims to supply market information by collating all the latest data and relating it to the residential tourism industry.

In order to carry out this survey, ten questions were put to the following 10 promoters/investors operating in Portugal, as well as 8 market‐leading estate agents;

10 Promoters:• Norte Golfe Promoções Turísticas e Imobiliárias, S.A. ‐ Porto

Ó Ó

8 Real estate agents:• Abacus Savills – Lisbon

Bom Sucesso ‐ Óbidos Empreendimentos Turísticos, S.A. ‐ ÓbidosORIZON CAMPOREAL S.A. ‐ ÓbidosMSF ‐ TUR.IM, SGPS, S.A. ‐ LisbonNewlyn Portugal ‐ AlgarvePestana Imobiliária ‐ AlgarveV l d L b R t T í ti d L S A Al

• Atlantic Estates ‐ Algarve, Lisbon and Costa de Prata• Garvetur ‐ Sociedade de Mediação Imobiliária S.A. –

Algarve• IRG International Reality Group – West (Oeste), Lisbon,

Algarve, MadeiraVale do Lobo, Resort Turístico de Luxo, S. A. ‐ AlgarveGrupo Oceânico – West and AlgarveAquapura – Porto and the northGrupo Duarte ‐ Algarve

g• Sadlers Mediação Imobiliária ‐ Knight Frank – Algarve• Winkworth – Algarve and West (Oeste)• Consultan – Alentejo Litoral• Engel and Volkers – West (Oeste)

ASSOCIATES

3



1 – MARKET CONFIDENCE IN THE RESIDENTIAL TOURISM MARKETQ U A R T E R L Y M O N I T O R 2nd quarter of 2009 compared with the 1st quarter of 2009

h d fCONFIDENCE

Comparing the 2nd quarter of 2009with the previous quarter, we foundthat 39% of those surveyed reportedless confidence in the market, 50% feltthe same level of confidence and 11%were more optimistic.

The graph shows that from theperspective of the real estate agents,market confidence is marginally up

50%AVERAGE

market confidence is marginally upcompared with that of the promoters.

Individual comments:

Promoters“Hesitating but becoming more stable.”“The same, despite the expectations of growing interest among buyers.”“Continues to be difficult due to the absence of bank loans.”

Estate agents“The market is still showing a distinct lack of confidence, which will eventually be overcome, slowly but surely.”“Better than the first quarter, with more business being done.”“Th P k ill i bili ”

ASSOCIATES

“The Portuguese market will continue to stabilise.”“If the properties are well located and reasonably priced, there's good interest. In the case of the properties being over‐priced, there's little interest.”

4



2 – MARKET INTEREST IN THE WEST (OESTE), LISBON, ALGARVE AND PORTO REGIONS

Q U A R T E R L Y M O N I T O RPerformance of the 1st Quarter 2009 and expectations for the 2nd Quarter 2009

SLIGHTLY STRONG INTEREST WITH TENDENCY TO MAINTAINPERFORMANCE OR A SLIGHT INCREASE.PORTO

SLIGHTLY WEAKER INTEREST WITH TENDENCY TO MAINTAINPERFORMANCE OR A SLIGHT INCREASE.

LISBOA SLIGHTLY STRONG INTEREST WITH TENDENCY TO MAINTAINPERFORMANCE OR A SLIGHT INCREASEPERFORMANCE OR A SLIGHT INCREASE.

WEAK INTERESTWITH TENDENCY TO INCREASEWEAK INTERESTWITH TENDENCY TO INCREASE.

ASSOCIATES

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3 – DECISION‐MAKING FACTORS THAT INFLUENCED BUYERS IN THE 1ST QUARTER OF 2009


Promoters Estate agentsPromoters and Estate

Q 9

Promoters Estate agentsagents

Factors Average Ranking Average Ranking Average Ranking

Property price 8 2 6 2 7,1 2

RANKING

1. MARKET CONFIDENCE

Market confidence 9 1 7 1 8 1

Currency fluctuations 5 4 6 2 5,8 3

Real estate market prices in the country of origin

5 4 6 2 5,2 6

2. PROPERTY PRICE

3. CURRENCY FLUCTUATIONS

3. SAFETY

4 CLIMATEy g

Variety of residential properties in offer

5 4 6 2 5,3 5

Ease of access to and from the nearest

l5 4 5 3 5.2 6

4. CLIMATE

5. VARIETY OF PROPERTIES AVAILABLE

6. REAL ESTATE MARKET PRICES IN THE COUNTRY OF ORIGIN

6 PROXIMITY TO AIRPORTinternational airport

Ease of access to the property

5 4 5 3 5 7

Climate 6 3 5 3 5,5 4

6. PROXIMITY TO AIRPORT

7. EASE OF ACCESS

8. OTHERS

Other factors mentioned:

Safety 5 4 7 1 5,8 3

Other(s) 4 5 1 4 2,6 8

ASSOCIATES

6

‐ Services and infra‐structure available for residents‐ Location of property ‐distance from beach, golf course, etc.‐ Quality



4 – MARKETS THAT REPRESENTED A THREAT TO PORTUGAL IN THE 1st QUARTER OF 2009

Q U A R T E R L Y M O N I T O RQ 9

Tradicional Markets Total Average RankingSpain 79 4,9 2France 60 4 7Italy 65 4,3 5

RANKING

1. TURKEY

Emerging Markets Total Average RankingCiprus 57 4,4 4Turkey 61 5,1 1G 57 4 8 3

2. SPAIN

3. GREECE

4. CYPRUS

ITALYGreece 57 4,8 3Bulgaria 42 3,8 8Malta 41 3,7 9

5. ITALY

6. MOROCCO & NORTH AFRICA

7. FRANCE, USA & THE CARIBBEAN

8. BULGARIAOther Total Average Ranking

Morocco & North Africa 46 4,2 6EUA & Caribbean 48 4 7PALOP's 21 2,3 11

9. MALTA

10. DUBAI

11. AFRICAN & PORTUGUESE SPEAKING

Dubai 21 3,5 10 COUNTRIES

ASSOCIATES

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5‐ SALES – LEVEL OF BUSINESS ACTIVITYQ U A R T E R L Y M O N I T O R 1st quarter of 2009 compared with the 4th quarter of 2008

VENDASVENDASSALES For the majority of promoters, thelevel of sales and business activity was5% down, comparing the 1st quarter of2009 against the last quarter of 2008.In contrast most estate agents60%

INCREASED BY MORE THAN 5%

In contrast, most estate agentssurveyed reported an increase of morethan 10% for the same period.

The Algarve was the region thatd h lregistered the largest increase in

business activity.


Promoters“Pessimism suggests that there are no real signs that the market is picking up although we do expect things to Pessimism suggests that there are no real signs that the market is picking up, although we do expect things to start turning around in due course.”“The British market seems to be improving, while the Irish market continues to drop off.”“Similar, but we're expecting sales to pick up in the second quarter.”

Estate agents

ASSOCIATES

Estate agents“We don't expect any variations in the domestic market during the next quarter of 2009.”“Definitely more requests and more decisions to buy.”

8

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5.1 SALES – AVERAGE VOLUME BY TYPE AND AVERAGE PRICE PER SQUARE‐METRE

Q U A R T E R L Y M O N I T O RQ U A R T E R L Y M O N I T O R

Apartments and villas account for

Q1st quarter of 2009

most of the sales by estate agents andpromoters. The average price persquare‐metre varies between 2,800euros and 3,269 euros according to theestate agents surveyed, whileg y ,promoters report a price range ofbetween 3,119 euros and 3,296 eurosacross the range of properties onoffer. Regarding the pricing ofproperties during the 2nd quarter ofproperties during the 2 quarter of2009, promoters are more confidentthan estate agents that the market willstabilise or even increase.

Individual comments:Individual comments:

Promoters“Positive results can always be expected regarding the shared property market.”

Estate agents“We're aware of the fact that there's currently a big difference in price in the Algarve, although it varies according to the area.”“In general, prices are between 20 and 25 per cent below the asking price, with many deals being done at between 10 and 15 per cent less

ASSOCIATES

p , y g 5 pthan the asking price.”

9



5.1.1 ‐ SALES – VOLUME BY TYPE (APARTMENTS)Q U A R T E R L Y M O N I T O R Sales activity for the 1st quarter of 2009

Demand for apartments with four or more bedrooms islow. Most properties sold were two‐bedroomapartments (36 4%) followed by apartments with threeapartments (36.4%), followed by apartments with threebedrooms and less than two bedrooms, both of whichaccounted for 22.7% of total sales.

Comparing information provided by promoters andestate agents, there are some noticeable differences onthe graph, particularly in the sales volume of four‐bedroom apartments.

According to those surveyed, sales volume will remainAccording to those surveyed, sales volume will remainstable (67%) or will increase (27%).


ASSOCIATES

10

“In general, there's a rise in demand for apartments, with sales prices at average or below.”“We've seen a definite interest for apartments with more bedrooms in the best locations. We believe that there will continue to be interest in properties of a higher quality.”



5.1.2 – SALES – VOLUME BY TYPE (TOWNHOUSES)Q U A R T E R L Y M O N I T O R Sales activity for the 1st quarter of 2009

In general terms, demand for townhouses is mostly forproperties with three bedrooms.

Estate agents report more interest for townhouses withf ftwo bedrooms, accounting for 40% of total sales.

67% of estate agents and promoters believe that thislevel of sales volume will continue.

ASSOCIATES

11



5.1.3 – SALES – VOLUME BY TYPE (VILLAS)Q U A R T E R L Y M O N I T O R Sales activity for the 1st quarter of 2009

Demand for villas is more varied and mostly centred onproperties with four or more bedroomsproperties with four or more bedrooms.

Based on information provided by estate agents, the saleof two‐bedroom villas accounts for 11.1% of total sales.

fVillas are the most sought‐after property at the top endof the market.

82% of estate agents and promoters agree that sales ofvillas will continue at the same level, while 18% believe,that the figure will rise.

ASSOCIATES

12



5.2 SALES – MARKET INTEREST IN THE 1ST QUARTER OF 2009, BY COUNTRY

Q U A R T E R L Y M O N I T O R9,

PORTUGAL IRELAND SPAINENGLAND SCANDINAVIA GERMANY BENELUXPORTUGAL

SIMILAR TO STRONG INTEREST WITH

IRELAND

WEAK INTEREST WITH TENDENCY FOR EVEN LESS

SPAIN

SAME OR LESS INTEREST WITH TENDENCY TO REMAIN THE

ENGLAND

WEAK INTEREST WITH TENDENCY TO REMAIN THE SAME OR

SCANDINAVIA

SIMILAR INTEREST WITH TENDENCY TO REMAIN THE

GERMANY

SIMILAR INTEREST WITH TENDENCY TO REMAIN THE

BENELUX

SIMILAR TO STRONG INTEREST WITH TENDENCY TO WITH

TENDENCY TO REMAIN THE SAME OR INCREASE

REMAIN THE SAME OR INCREASE

SAME OR INCREASE



TENDENCY TO REMAIN THE SAME OR INCREASE

Interest shown by France, East European countries and Russia during the first quarter of 2009 varied between weak and the same level of interestand the prospect for the second quarter is expected to be the same.

OTHER COUNTRIES AND REGIONS THAT HAVE SHOWN INTEREST IN PURCHASING PROPERTY IN PORTUGAL:

MIDDLE EAST, CANADA AND SOUTH AFRICA

ASSOCIATES

13



5.3 – SALES – MARKET CONFIDENCE FOR THE 3RD QUARTER OF 2009Q U A R T E R L Y M O N I T O R QUARTER OF 2009

CONFIDENCE IN THE SALES FOR CONFIDENCE IN THE SALES FOR THE 3RD QUARTER OF 2009

56% OF THOSE SURVEYEDCLASSIFIED THE LEVEL OFCONFIDENCE IN THE REALESTATE SALES FOR THE 3RDQUARTER OF 2009 ASAVERAGE


“Slight increase due to the recovery of the British market.”“We're prepared for this year to be relatively negative in terms of sales ”

ASSOCIATES

14

We re prepared for this year to be relatively negative in terms of sales.“Due to uncertainty and lack of confidence in the market, we expect the price of property to continue sliding.”“Slight but significant improvement.”“It will increase gradually.”“It will not fall. It will increase slowly.”



6. HOLIDAY RENTALS – LEVEL OF BUSINESS ACTIVITYQ U A R T E R L Y M O N I T O R 1st quarter of 2009 compared with the 4th quarter of 2008

RENTALS The renting of holiday homes onlyapplies to 8 of the participatingcompanies, of which 25% report anincrease in this sector. The Algarveregistered the biggest rise in holiday

87.5%A RISE OF

MORE THAN 5%

registered the biggest rise in holidayrentals.

According to 80% of promoterssurveyed, the level of business activityin the holiday rentals sector increasedby between 5% and 20%, while estateagents reported a rise of 10% or more.


“Demand increased during the high season.”“People don't want to sacrifice their holidays.”“More direct bookings.”“Customers tend to book their holidays for the period after the New Year celebrations wich accounts for the rise.”

ASSOCIATES

15



6.1 HOLIDAY RENTALS – AVERAGE VOLUME BY PROPERTY TYPE OF TOTAL BUSINESS ACTIVITYQ U A R T E R L Y M O N I T O R PROPERTY TYPE OF TOTAL BUSINESS ACTIVITY

1st quarter of 2009

For promoters, the holiday rentalssector is mostly centred on demandfor apartments (37.8%).

Business among estate agents wasmore diverse, with villas andapartments accounting for 18.8% and16.2% of holiday rentals, respectively.

ASSOCIATES

16



6.1.1 – HOLIDAY RENTALS – VOLUME BY TYPE (APARTMENTS)Q U A R T E R L Y M O N I T O R

( )1st quarter of 2009 compared with the 4th quarter of 2008

The types of apartment sought for holiday rentals arevery varied. The demand for apartments smaller than T2is mainly thought promoters, while estate agentsachieved more rentals for apartments with four or morebedrooms.bedrooms.

Regarding future prospects for the rental of holidayapartments, 50% predict the same volume, while theother 50% expect to see a rise in business.


ASSOCIATES

17

“The rise reflects the good price on offer, which has dropped about 10% on the year. Townhouses are consideredtoo expensive.”



6.1.2 – HOLIDAY RENTALS ‐ VOLUME BY TYPE (VILLAS)1st t of 2009 o d ith th 4th t of 2008Q U A R T E R L Y M O N I T O R 1st quarter of 2009 compared with the 4th quarter of 2008

In common with the rental of holiday apartments estateIn common with the rental of holiday apartments, estateagents report that the largest percentage of demand isfor villas with four or more bedrooms, accounting for66.7% of all business in this segment.

fFor promoters, all the demand has been for villas withthree bedrooms.

40% of those surveyed expect business to be the same inthe 2nd quarter, while 40% expect to see a rise.q , 4 p

ASSOCIATES

18



6.2 – HOLIDAY RENTALS – MARKET INTEREST IN THE 1ST Q U A R T E R L Y M O N I T O R

QUARTER OF 2009, BY COUNTRY

PORTUGAL

INTEREST EITHER THE SAME OR

O

IRELAND

INTEREST THE SAME WITH TENDENCY TO

SPAIN


O

ENGLAND

INTEREST EITHER THE SAME OR STRONGER WITH

SCANDINAVIA

INTEREST THE SAME WITH TENDENCY TO

GERMANY


O

BENELUX


OSTRONGER WITH TENDENCY TO REMAIN THE SAME OR INCREASED

REMAIN THE SAME LEVEL OF INTEREST

STRONGER WITH TENDENCY TO REMAIN THE SAME OR INCREASED

TENDENCY TO REMAIN THE SAME OR INCREASED LEVEL OF INTEREST

REMAIN THE SAME OR INCREASED LEVEL OF INTEREST

STRONGER WITH TENDENCY TO REMAIN THE SAME OR INCREASED

STRONGER WITH TENDENCY TO REMAIN THE SAME LEVEL OF INTERESTINCREASED

LEVEL OF INTEREST

INCREASED LEVEL OF INTEREST

INTEREST INCREASED LEVEL OF INTEREST

OF INTEREST

Market interest in East European countries during the first quarter of 2009 remained the same and thetendency for the second quarter is for the level of interest to be sustained or to decrease.Market interest in France during the first quarter of 2009 remained the same and the tendency for thesecond quarter is for the level of interest to be sustained.Market interest in Russia during the first quarter of 2009 ranged between the same and stronger and the

d f h d i f h l l f i b i d i

ASSOCIATES

tendency for the second quarter is for the level of interest to be sustained or to increase.

19



6.3 – HOLIDAY RENTALS – MARKET CONFIDENCE FOR THE 3RD QUARTERQ U A R T E R L Y M O N I T O R THE 3RD QUARTER

CONFIDENCE IN THE RENTALS CONFIDENCE IN THE RENTALS FOR THE 3RD QUARTER OF 2009

70% OF THOSE SURVEYEDCLASSIFIED THE LEVEL OFCLASSIFIED THE LEVEL OFCONFIDENCE IN THE REALESTATE RENTALS FOR THE3RD QUARTER OF 2009 AS3 Q O 9MEDIUM TO HIGH


ASSOCIATES

20


“Bookings made later this year and more demand for a better price/quality ratio.”“Better year for rentals, with more demand from the Portuguese.”



7 – MARKETING MEASURES THAT ARE BEING CONSIDERED

Q U A R T E R L Y M O N I T O RCONSIDERED

Promoters:

“Institutional presence at trade fairs ”Institutional presence at trade fairs.

“To continue with PR activities and customer presentations. We're targeting the German and Angolan markets.”

“Target the fractional ownership market.”

“Promote activity packages (golf, children's soccer school, etc.) and payment plans.”

“Do business without spending money.”

“Target the golf market.”

“Be present at the real estate trade fair, run a media campaign in large circulation newspapers, do an extensive e‐mailing and Internet

i i i l i ”promotion, organise special events on‐site.”

“Reduce sales and marketing costs, be alert and study the development of the domestic market, redefine our sales and marketing

strategy in the United Kingdom and Ireland, evaluate our product range, price and conditions of payment.”

“Marketing activities tailor‐made for and targeted at customers selected by the estate agents we work with, partnerships with entities g g y g , p p

that have the same clients in order to project a positive message, take advantage of hotel guests interested in this type of product and use

selected media to promote our strategy.”

“Local marketing activities, targeting of key markets, sales calls, partnerships, strengthening the sales team and presentations to the

public through our partners.”

“We're going to concentrate on tourists visiting the Algarve because we consider them to be high‐potential prospective buyers.”

ASSOCIATES

21



7 – MARKETING MEASURES THAT ARE BEING CONSIDERED


Estate agents:

CONSIDERED

“Organise one‐to‐one marketing activities where we can approach people and sell them our product directly. We're thinking about avoiding

heavy media campaigns and using more marketing.”

“N t k ti g l ti t ki g ti iti d th l h f li t l lt g ”“Net‐marketing, press relations, networking activities and the launch of a client loyalty programme.”

“We're keeping in contact with the British media and stopping advertising in Portugal.”

“Google and our website are the key methods of generating requests. Using the local media to create brand awareness and generate

listings. Greater emphasis on PR, especially in key markets such as the UK, Benelux, Scandinavia and the Middle East. Promotion in g

conjunction with estate agent partners in other countries via electronic communication and networking.”

“Web‐marketing and partnerships with estate agents..”

“More cross‐selling activities.”

“Taking part in events.”

ASSOCIATES

22



8. CONCLUSIONQ U A R T E R L Y M O N I T O R

After a period of very low confidence, and according to some of the promoters and estate agents surveyed, themarket could be stablized.

The companies that predicted a rise in confidence in the previous edition of 10-10-10 for the 4th quarter of 2009(signs of which are already visible in the 2nd quarter) maintain with 50% classifying the level of market confidenceas “medium”as medium .

As a rule, there's less interest in the more established tourist destinations where there's a greater supply,particularly during a period in which price is more important for those looking to buy a real estate product, withvalue for money and market confidence being the main considerations when purchasing a property.

Among the top-ranking destinations for the first quarter of 2009 the biggest threat to Portugal came from TurkeyAmong the top-ranking destinations for the first quarter of 2009, the biggest threat to Portugal came from Turkey,which overtook Spain, traditionally the most popular location for residential tourism. The reason for this is thecatastrophic impact of the current economic crisis in Spain, which has affected both prices and the number ofproperties available, in addition to Turkey's increased efforts to promote and sell itself as a residential tourismdestination.O 2º TRIMESTRE

DE 2009 DEVE

FOR THE 3RD

QUARTER OF 2009, THE

SALES

Regarding sales, the slight increase in enquiries and properties sold has in turn triggered a rise in marketconfidence. The Algarve is the region that has benefited most from this increase, explained perhaps by signs of

DE 2009 DEVE APRESENTAR UMA LIGEIRA

MELHORIA COMPARANDO

PROSPECTS ARE MORE

FAVOURABLE COMPARED WITH

THE 2ND recovery in the British market.COMPARANDO COM O 1º

TRIMESTRE

THE 2ND

QUARTER

ASSOCIATES

23



8 CONCLUSIONQ U A R T E R L Y M O N I T O R

SALES (continued)

8. CONCLUSION

SALES (continued)

According to both the promoters and estate agents surveyed, apartments and villas are the properties mostsought after, with prices per square-metre varying between 2,800 euros and 3,296 euros (for estate agents)and 3 196 euros and 3 296 euros (for promoters) The difference in these prices we conclud comes from theand 3,196 euros and 3,296 euros (for promoters). The difference in these prices, we conclud comes from thefact that estate agents have a more diverse range of properties to sell. It's interesting to note that in terms ofpricing during the 2nd quarter of 2009, promoters showed more confidence in maintaining or increasing prices.

Regarding the amount of market interest in each country, there's an equal to strong level of interest in thedomestic market. Interest from the British market, despite being small, shows signs of stability or even a slight

f S frecovery, while the low level of interest in the Spanish market also suggests the possibility of a slight increase.Ireland, one of the strongest markets up until 2008, still shows little interest and a tendency to diminish further.

RENTALS

D it th f t th t l i ht f th i d t d i thi fi ld th l f h lid t l

O 2º TRIMESTRE DE 2009 DEVE

FOR THE 3RD

QUARTER OF 2009, THE

Despite the fact that only eight of the companies surveyed operated in this field, the volume of holiday rentalsincreased significantly in the 1st quarter of 2009 due to the seasonality factor. In terms of the product mix,which was mostly focused on villas and apartments, estate agents reported more interest in villa rentals.Portugal, England, Spain and Germany are showing a market interest ranging from “similar” to “strong” withtendency to increase. The volume of holiday rentals in villas and apartments looks likely to continue at thesame le el or e en increase In the ne t q arter (J l A g st and September) the le el of confidence in the

DE 2009 DEVE APRESENTAR UMA LIGEIRA

MELHORIA COMPARANDO

PROSPECTS ARE PARTICULARLY FAVOURABLE

COMPARED WITH THE 2ND same level or even increase. In the next quarter (July, August and September), the level of confidence in the

holiday rentals market is estimated as medium to high.COMPARANDO

COM O 1º TRIMESTRE

THE 2ND

QUARTER

ASSOCIATES

24




ILM, celebrating its 10th anniversary of consolidated development, was founded in 1999 by Andrew Coutts with theobjective to render a service of strategic consultancy in tourism, hospitality and leisure for the national market. Inthese 10 years of experience, ILM has grown organically and has evolved to the point of currently occupying a leadingposition in tourism consultancy. Oriented by the market and by innovation, ILM’s mission is to actively contribute tothe sustained development of the national hotel and tourism sectors, being the only independent consultancycompany specialized in the development and implementation of residential tourism projects.

Through ILM, several important structural projects were developed in Portugal, such as the Identification andBusiness Planning of the 10 Strategic Tourism Products defined in the PENT ‐ National Strategic Plan for Tourism NSPT,g g g ,and landmark projects for Portugal as a quality tourism destination, namely Praia Del Rey Marriott Resort, HiltonVilamoura, Conrad Quinta do Lago or Corte Velho by Six Senses.

The development of the PENT project, in partnership with THR, gave rise to the establishment of the official strategicpartnership with ILM THR Advisors in 2006 THR was founded in 1985 by Eulogio Bordas its current Presidentpartnership with ILM‐THR Advisors in 2006. THR was founded in 1985 by Eulogio Bordas, its current President.Starting its activity in Spain, THR renders its services all over the world, being referenced in EMEA as the majorcompany of its category and so being permanently sought by companies and governments of various countries aswell as by international institutions such as the European Union (EU) and the World Tourism Organization (UNWTO).

ASSOCIATES



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Tel.: (+351) 213 145 481 • Fax: (+351) 213 145 482 • e-mail: [email protected]

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10 10 10 portugal residential tourism market confidence analysis 2nd quarter final english

Real Estate

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