House prices in Algarve rose 7.3% in 2019

House prices in Algarve rose 7.3% in 2019


Lagos remains the most expensive city in the region (2,636 € / m2)

Algarve housing prices rose by 7.3% in 2019 to 2,209 euros / m2, according to the idealist price index. In quarterly terms, the increase was 1.2% in the fourth quarter of the year.

Faro followed the trend of the region and recorded a 7.3% increase, costing the price of 1.871 square meters. The highest price increase in the region was in Silves (14.2%), followed by Olhão (13.3%), Vila Real de Santo António (12.8%), Tavira (9.5%) and Lagoa. (9.3%). The most expensive municipality to buy house is Lagos (2,636 euros / m2) followed by Loulé (2,582 euros / m2) and Lagoa (2,428 euros / m2). By contrast, the most economical ones are Alcoutim (657 euros / m2), Monchique (1,559 euros / m2), Castro Marim (1,705 euros / m2) and Olhão (1,743 euros / m2).

Compared to the rest of the country, housing in Portugal increased by 13.3% over the same period to 2,028 euros / m2.

Regions of Portugal

All regions saw price increases in annual terms with the exception of Alentejo where they fell by 0.4%. Highlight for the Northern Region and Lisbon Metropolitan Area, which saw both prices grow 14.7%. This is followed by the Autonomous Region of Madeira (8.1%), the Algarve (7.3%), the Autonomous Region of the Azores (1.9%) and the Center (1.6%).

Lisbon Metropolitan Area with 2,941 euros per m2 remains the most expensive region, followed by the Algarve where it costs 2,209 euros per m2 and North (1,658 euros per m2) and Madeira (1,556 euros per m2). On the opposite side of the table, ie the cheapest regions, are, in this order, the Autonomous Region of the Azores (918 euros per m2), Alentejo (1,017 euros per m2) and Centro (1,045 euros per m2).

Districts

Prices rose in 20 districts – out of 23 analyzed, including the islands of Madeira and the Azores – with the largest cost increases in 2019 taking place in Porto (16%), Setúbal (15.6%), Bragança ( 12.7%), Porto Santo Island (12.4%) and Lisbon (11.5%). In the case of Coimbra, the increase in the last year was 8.3%.

On the other hand, housing prices fell by Portalegre (-18%), Santarém (-3.6%) and Viana do Castelo (-1.5%).

The ranking of the most expensive districts continues to be led by Lisbon (3,276 euros per m2), followed by Faro (2,209 euros per m2) and Porto (1,918 euros per m2). The cheapest prices are in Portalegre (635 euros per m2), Guarda (673 euros per m2) and Castelo Branco (683 euros per m2).

District / Cities Capitals

Prices rose in 17 district capitals, with Aveiro (22.5%) topping the list. This is followed by Setúbal (19.9%), Ponta Delgada (13.5%), Braga (13.1%) and Coimbra (11.6%). In Lisbon and Porto the increase was 10.4% and 6%, respectively.

Lisbon remains the capital of the district where it is more expensive to buy a house, anything like 4,607 euros per m2. Porto (2,779 euros per m2) and Faro (1,871 euros per m2) occupy the second and third places, respectively.

The most economical district capital cities are Guarda (684 euros per m2), Castelo Branco (691 euros per m2) and Portalegre (724 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 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 interaction by users for some time. The report is still based on offer prices published by idealist advertisers.

You can see the full report clicking here.

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