Three of these projects, designated ‘PIN Projects’ (Projects of Potential National Interest or Projectos de Potencial Interesso Nacional), are to take shape within the county of Castro Marim, with another three in Loulé.

Lagos and Lagoa will each receive two projects, with Silves and Portimão having one each.

Madalena Oliveira e Silva, Secretary for evaluating and overseeing PIN projects, of the Portuguese Agency for External Investment and Commerce, said that three projects in the Algarve have been suspended, while half of the proposed projects are still at various phases of scrutiny.

Besides the 12 proposed PIN projects, the Algarve will also be the location for 16 large structural projects, said Nuno Aires, which altogether will create an additional 14,000 beds for tourism, “in an effort to contribute towards upgrading the region as a destination”.

Amongst the various projects of potential national interest are the new race track, which was recently inaugurated, and the proposed Lacustre City, Vilamoura, which will entail the greatest investment of all 12 PIN projects, costing an estimated one billion euros.

Lacustre City will cover 168 hectares and will comprise areas for habitation, commerce and tourism, and will have three thousand tourist beds distributed between two five-star hotels and two tourist resorts.

Oceânico Developments’ 400 million Amendoeira Resort has also been designated a PIN and is set to be inaugurated in 2010.

According to the Algarve Tourism board, next year Lagos’ Palmares Resort project, which belongs to the Onyria Group and is set to cost an estimated €300 million, will be completed, while works on the €259 million Verdelago Resort in Castro Marim will commence and which should be finished by 2012.

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