The west coast appears to be where its at. I have recently invested in Bom Sucesso which has a guaranteed 5% for 2 years with strong expected capital appreciation due to the unique nature of the development - its worth a look at their website (press area shows reviews by Irish and UK papers). Personally I would only invest where you have a guaranteed return and where a rental pool is in operation - I don't want the hassle of locating people to rent.
Regarding golf, I think Portugal is a well established golf name at this stage and a number of quality courses have been built on the west coast. I would expect a decent return on the basis that I believe the Algarve to be "done" at this stage and having visited the west coast it has plenty to offer.