Lagos remains the most expensive city in the region (2,603 € / m2)
House prices in the Algarve rose by 1.4% during the third quarter of 2019 to 2,183 euros / m2, according to the idealist price index. homologous terms.
Faro follows the trend of the region and registers an increase of 0.9%, costing the price of the square meter 1.857 euros. The highest price increase in the region was in Lagoa (4.1%), followed by Silves (3.4%), Albufeira (3.3%), Aljezur (2.6%) and Tavira (2.5%). %). The most expensive municipality to buy house is Lagos (2,603 euros / m2) followed by Loulé (2,532 euros / m2) and Lagoa (2,436 euros / m2). In contrast, the most economical ones are Alcoutim (663 euros / m2), Monchique (1,582 euros / m2), Casto Marim (1,618 euros / m2) and Olhão (1,700 euros / m2).
Compared to the rest of the country, housing in Portugal rose by 2.5% over the same period to 1,981 euros / m2.
All regions saw price increases quarter-to-quarter with the exception of Alentejo, which fell by 1%. Highlight to the Autonomous Region of the Azores, which saw prices grow 4.1%. This is followed by the North (2.7%), Lisbon Metropolitan Area (2.7%), the Autonomous Region of Madeira (1.8%), Algarve (1.4%) and Centro (1%). ).
The Lisbon Metropolitan Area with 2,883 euros / m2 remains the most expensive region, followed by the Algarve where it costs 2,183 euros / m2, North (1,613 euros / m2) and the Autonomous Region of Madeira (1,567 euros / m2). Opposite the table are the Autonomous Region of the Azores (869 euros / m2), the Center (1,031 euros / m2) and Alentejo (1,031 euros / m2) as the cheapest regions.
Prices rose in 21 districts – out of 24 analyzed, including the islands of Madeira and the Azores – with the largest increases taking place in São Miguel (6.6%), Portalegre (4.7%), Vila Real ( 4.4%), Setúbal (4.3%), Bragança and Beja (4% in both districts). In the case of Coimbra, the increase was 3.3%.
On the other hand, they decreased in Terceira (Ilha) (-3.9%), Viseu (-1.5%) and Leiria (-1.3%).
The ranking of the most expensive districts continues to be led by Lisbon (3,223 euros / m2), followed by Faro (2,183 euros / m2) and Porto (1,869 euros / m2). The most economical prices can be found in Guarda (645 euros / m2), Castelo Branco (689 euros / m2), Bragança (729 euros / m2) and Faial (Island) where it costs 743 euros / m2.
Prices rose in 18 district capitals, with Ponta Delgada (9.1%) topping the list. This is followed by Aveiro (4.9%), Setúbal (4.5%) and Bragança (4.4%). In Lisbon and Porto, the increase was 1.2% for both cities.
On the other hand, in Guarda was where prices fell the most, 10.1%. This is followed by Vila Real (-8.2%) and Viseu where the decrease was 0.5%.
Lisbon remains the city where it is most expensive to buy house, 4.571 euros per m2. Porto (2,750 euros per m2) and Faro (1,857 euros per m2) occupy the second and third places, respectively. The most economical cities are Guarda (685 euros per m2), Castelo Branco (692 euros per m2) and Bragança (771 euros per m2).
The Idealist Real Estate Price Index
From the report for the first quarter of 2019, the methodology for preparing this study was updated. Following the incorporation of the idealist / date into the idealist group, new calculation formulas have been introduced which contribute to greater precision in analyzing price developments, particularly in small areas.
At the recommendation of the idealistic / date statistical team, the formula for finding the average price has been updated: in addition to eliminating atypical and off-market ads, we calculate the median value instead of the average value. With this change, in addition to making the study closer to the reality of the market, we have approved our methodology with those that apply in other countries to obtain real estate data.
We also include the typology “single family homes” and discard all ads that are in our database and that have been without any interaction by users for some time. The report is still based on offer prices published by idealist advertisers.
The full report can be consulted by clicking here.