Estonian real estate developer Invego is set to build a residential and leisure district consisting of 154 villas on the scenic hills near the historic southern Portuguese city of Silves. The total investment will amount to €100 million, according to the company’s CEO Kristjan-Thor Vähi.
Preparations for the project, named Silves Hills, have been underway for over two years. Public sales will begin in the second half of June, infrastructure construction will start at the end of this year, and the first two stages of the project are scheduled for completion in the second half of 2026. “Our team has strong expertise in both the local market and international sales – and perhaps most importantly for a project of this scale, we have very strong support from the local municipality,” Vähi emphasized.
All villas will feature private pools and are designed and built for year-round use, equipped with both cooling and heating systems. The homes come fully furnished, each with a spacious terrace and a heated pool. “During the initial sales phase, a three-bedroom villa can be purchased for under half a million euros, while the most expensive homes will initially be priced just under one million euros,” said Vähi, noting that early Estonian buyers will be offered an additional discount. “Before public sales begin, we can also avoid brokerage fees and offer an even better deal to Estonian clients,” he added. Vähi pointed out that EU citizens benefit from favorable loan conditions in Portugal – with just a 20% down payment and a loan interest rate of 0.75% plus Euribor. “We’ve done our homework and are fully prepared to assist buyers with all the necessary paperwork,” he confirmed.
The architecture ensures that each villa enjoys beautiful views and a high level of privacy. The community will include a clubhouse for residents, a large pool, and courts for tennis, beach tennis, and padel. “The Algarve region of southern Portugal is known for its warm, dry climate year-round, making it a highly attractive destination – especially during the winter months,” said Vähi. He noted that the naturally scenic Silves Hills are just two kilometers from the city center, 15 minutes from stunning sandy beaches, and 40 minutes from Faro Airport. “Silves Hills will be a peaceful and naturally beautiful place, free from city and road noise – perfect for enjoying life and recharging. We expect strong interest from both the Nordics and the Baltics, and we already have serious inquiries from the UK and even the United States,” Vähi shared.