The long-established Central Algarve with its top-hole tourism has overtaken the over-marketed newcomers in the Silver and Blue Coasts around Lisbon.

Property in the less-developed western Algarve might have suffered price drops of 30 per cent, but holiday homes in the so-called Golden Triangle have lost none of their lustre. 

Par for the course: Buyers can relax by their pool after a day’s golfing at Vale do Lobo

Prices in the tranche of coast between the two high-end golf resorts of Vale do Lobo and Quinta do Lago, with the town of Almancil at its apex, remain high.

'There's been little downward movement because most owners don't have to sell,' says Georgina Richards, of Knight Frank.

The key to the area's success is its track record. It's survived a downturn before and has the right ingredients to tempt buyers - beaches that don't get overcrowded, a 20-minute transfer from Faro airport, and first class resorts.

'On the Algarve, the Golden Triangle is on everyone's wish list - if they can afford it,' says Georgina.

The two big players of the Golden Triangle - home to the likes of Michael Owen, Cristiano Ronaldo and Ronan Keating - do not come cheap.

According to Mary Mangan, of Winkworth, the entry price for Vale do Lobo is £400,000 for an apartment up to a whopping £3.17 million for a villa.

The Algarve is still a winning formula, says Liz Rowlinson For Quinta do Lago, resale villas are valued at £1.8million-plus and new ones upwards of £4million.

'The lifestyle buyers with a long-term plan are buying, while investors and budget buyers have disappeared. Apartments in Spain are cheaper than Portugal.'

The self-contained, beach-front Vale do Lobo was the Algarve's first resort in 1962, and it is the largest in Portugal, with more than 1,300 acres and 1,500 private homes.

It's a good option for families, with a shuttle bus around the resort and all the facilities on tap, including two championship golf courses, communal pool, 15 restaurants, 14 tennis courts and a supermarket.

Facilities are less compact a couple of miles east at Quinta do Lago (established in 1970, 2,000 acres, four golf courses) in a stunning location on the edge of the Ria Formosa national park, with greens interspersed with lakes and pines.

Sales here have outperformed the rest of Europe, says Joanna Leverett of Savills. 'In all our other main markets - South of France, the Balearics and Spain - transactions have slowed dramatically in the past 18 months, but not in Quinta do Lago.'

There are a few bargains from individuals needing to sell - Winkworth has a two bedroom penthouse apartment in Quinta do Lago reduced from £732,000 to £578,000.

On the coast between the two resorts is a handful of much smaller developments, which are cheaper, though still fairly pricey.

One of the most popular with families is Dunas Douradas - a 70- acre 'open-plan village,' of low-rise villas between orange groves and pines with a beach club. New villas start from £1.4million.

In the next tier of developments - Varandas do Logo, Vilas Alvas, Vale do Garrao and Quinta das Salinas - villas start at £1.36 million-plus, according to Winkworth.

Those seeking living space with a design twist should look to Sunray Village, a contemporary-style development in Almancil. Slate and glass has been used in roomy apartments and townhouses, which start from £517,000. Portugal can clearly afford to be pricey.

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