Algarve house prices rise 2.1% during the third quarter of 2020

Algarve house prices rise 2.1% during the third quarter of 2020


The price of housing in the Algarve increased by 2.1% during the third quarter of 2020, standing at 2,343 euros / m2, according to the idealist's price index. Prices have dropped in the last 12 months -0.2%.

The city of Faro follows the trend of the region and registers a 2% increase, costing the price of square meter 1,949 euros. The biggest increase in prices in the region was registered in Castro Marim (5.1%), followed by Aljezur (4.2%), São Brás de Alportel (3.6%) and Tavira (3.5%). Portimão increased 3.4% and in Olhão 2.2%. On the other hand, the largest decreases in the region were in Monchique (-13.1%) and Vila do Bispo (-0.9).

The most expensive municipality to buy a house is Loulé (2,836 euros / m2), followed by Lagos (2,672 euros / m2). In contrast, the most economical are Monchique (1,547 euros / m2), São Brás de Alportel (1,768 euros / m2), Aljezur (1,876 euros / m2) and Olhão (1,878 euros / m2).

In comparison with the rest of the country, housing in Portugal increased by 1% during the same period, standing at 2,090 euros / m2.

Regions of Portugal

The regions that saw a price increase in quarterly terms were the Center (4.4%), the Autonomous Region of Madeira (2.5%), the Algarve (2.1%) and the North (1.3%). On the other hand, they fell in the Autonomous Region of the Azores (-4.5%), in the Metropolitan Area of ​​Lisbon (-1.4%) and Alentejo (-0.2%).

The Metropolitan Area of ​​Lisbon, with 2,954 euros per m2, remains the most expensive region, followed by the Algarve (2,343 euros per m2), North (1,787 euros per m2) and the Autonomous Region of Madeira (1,595 euros per m2). On the opposite side of the table, there are the Autonomous Region of the Azores (997 euros per m2), the Alentejo (1,029 euros per m2) and the Center (1,083 euros per m2) as the cheapest regions.

Districts

Of the analyzed districts, the biggest increases took place in Braga (8.5%), Aveiro (6.1%), Coimbra (4.9%), Viseu (4.7%), Bragança (3.2%) and Madeira Island (2.7%). In the case of Faro, the increase was 2.1%.

On the other hand, they went down on São Miguel Island (-6.6%), Évora (-5.2%), Terceira Island (-3%), Porto Santo Island (-2.5%), Portalegre ( -1.8%), Lisbon (-1.5%) and Castelo Branco (-0.1%).

It should be noted that the ranking of the most expensive districts continues to be led by Lisbon (3,268 euros per m2), followed by Faro (2,343 euros per m2) and Porto (2,087 euros per m2). The cheapest prices are found in Portalegre (634 euros per m2), Guarda (644 euros per m2), Castelo Branco (695 euros per m2) and Bragança (775 euros per m2).

District capital cities

Prices increased in 15 district capitals, with Vila Real (13.1%) leading the list. Next are Portalegre (8.7%), Guarda (8.3%), Aveiro (6.5%), Bragrança (5.6%), Coimbra and Viseu with an increase of 5% in both cities. In Faro and Porto, the increases were 2% and 0.7%, respectively.

On the other hand, it was in Ponta Delgada (Azores) where prices fell the most: -4.8%. These are followed by Évora (-4.4%), Viana do Castelo (-2.5%) and Lisbon, where the decline was 1.1%.

Lisbon remains the city where it is more expensive to buy a house, 4,614 euros per m2. Porto (2,895 euros per m2) and Faro (1,949 euros per m2) occupy the second and third places, respectively. The most economical cities are Guarda (690 euros per m2), Portalegre (700 euros per m2), Castelo Branco (750 euros per m2) and Beja (780 euros per m2).

The idealist's property price index

From the report for the first quarter of 2019, the methodology for preparing this study has been updated. After the incorporation of the idealist / date in the idealist group, new calculation formulas were introduced that contribute to a greater precision in the analysis of price developments, particularly in small areas.

On the recommendation of the idealista / date statistical team, the formula for finding the average price has been updated: in addition to eliminating atypical ads with prices outside the market, 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 homologated our methodology with those applied 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 type of interaction by users for some time. The report continues to be based on the offer prices published by the idealist's advertisers.

For a complete report click here.

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