Duncan Bannatyne is known for his laconic Glasgwegian drawl, scathing opinions of entrepreneurs on TV’s Dragon’s Den and his fitness empire, but not for being an estate agent.
But that’s all about to change. The 67-year-old recently ‘retired’ to Portugal with his new partner and future third wife, 36-year-old Nigora Whitehorn. But it would appear lounging around his luxury villa isn’t enough for the crotchety workaholic and he’s now launched a property business on the Algarve.
Bannatyne’s buying up unfinished developments stranded by the recent and deep recession in Portugal, upgrading them into luxury villas and selling them on via overseas property firm Ideal Homes Portugal.
His first project, within the inland town of Almancil half way between Vilamoura and Quinta Do Lago, is a gated community of five villa each selling for €475,000.
Bannatyne is going to get his hands dirty marketing the development, it would seem; Chris White, owner of Ideal Homes Portugal, says anyone viewing the properties will be conveyed around their marble-clad floors by Bannatyne in person.
“The recovery in the property market in southern Spain has been rapid and sustained. The effect is spreading to Portugal and the Algarve is at the beginning of a remarkable upturn,” says Duncan Bannatyne.
“I have invested at a time these properties are still within reach of Brits, and other nationalities, with an appetite for a place in the sun and an understanding of the need to buy at the right price and the right time.”