the silver coast is to be the next algarve, lots of new golf courses planned for the area. an new airport and plenty of investment, which means plenty off return on capitol. the time to get in is now before prices are to inflated for the ordinary person to get on the ladder. i bought 2 apartments off plan in november 2007 in sao martinho alovley hoarseshoe shaped bay, popular with the portuguese, they were priced at 103000 euros for a 2 bedroom apartment 100 metrs from the sea front, there is a shared pool and garage parking, the way property is on the up in the area, when britain and america are on the way down, they look set to fetch approx 173000 euros when finished in 2 years time. there are bargains to be had in the area, you can still purchase a new property finished for 75000 euros! at the top end of the market, purchase land near a planned golf course as all the invesment companies are doing in the area and when the golf course is finished and the house built you can expect returns up to 10 fold, now thats what i call an investment!

Your observations are spot on - I know the development you are referring to.
The area to invest for Capital Growth is the South Obidos Lagoon area.
Before I go on too much - I am an agent selling in this area, BUT - we have invested a lot of money ourselves personally here and we are looking to start a new business in this area - in other words, we fully understand the potential in this area.
Furthermore, I have local contacts with the local council and developers who reassure me this is the one place to look at. In the last year - our investments here have increased by 125,000 euros.
For serious capital growth - you should check out the Perola da Lagoa resort. It is right on the lagoon edge and surrounded by 5 star golf course resorts which will be complete by 2012. For a Google Earth map of the developments and the area - please email me at jeffm@iqpropertyinvest.co.uk and I'll forward a copy to anyone who is curious.
Alternatively please visit our website at Specialists in the sale of discounted off-plan worldwide properties for investment purposes » IQ Property Investments Limited » Welcome and look at Lagoon Village development

IQ Property Investments - 'the intelligent way to make money'

The airport was offically canceled in that area of Portugal.
The airport will be built in Alcochete, south of Lisbon.

Diane aka Mamacats
Ragdoll Breeder
Portugal