In the Algarve, Britons lead the purchase of homes in resorts

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British nationals were the ones who bought the most in the second half of the year just ended. In the central region of the Algarve, more precisely in Albufeira – Loulé, the average value was € 6,600 / m2.

The present information, published on the Sapo / Eco portal, gains relevance if we take into account that 2020 was a year severely marked by the pandemic, with the visits of foreigners dropped it drastically. Still, British investors remained active in Portuguese territory, especially in the Algarve. And, according to a study on the resort market in the country, UK buyers led the search for homes located in resorts in the Algarve region, especially in the Albufeira – Loulé area.

During the second half of 2020, according to the same source, the British were responsible for 56% of international acquisitions in Albufeira-Loulé and for 35% of acquisitions in Barlavento, according to a study carried out by Confidencial Imobiliário in partnership with the Portuguese Association of Resorts (APR). These figures make the British the nationality that most invested in properties located in resorts in the Algarve.

Analyzing the nationalities that invest the most, the period between July and December brought other European buyers back, “some of which were absent in the previous semester”: Irish, Dutch and German. “This movement made Europe the dominant source market for Portuguese residential tourism in all regions, with weights of over 90% in the Algarve and 66% in the Lisbon region.”, Reflects the study.

National offer with an average price of 4,273 euros per square meter

The study points out that the price of properties located in residential tourism enterprises in the national territory recovered in the second half of 2020, increasing 5.8% in semiannual terms, show the results of the Resorts House Price Index, cited by the study.

The average value of the offer of resorts across the country was 4,273 euros per square meter in the second half, below the 4,513 euros per square meter observed in the previous semester, which was the highest value since 2016. In the highest segment, which represents 95% of the total offer, “the behavior is identical”, With the square meter costing, on average, 8,014 euros, down from 8,516 euros in the first half.

In the Algarve, in the Albufeira-Loulé area (with almost 50% of the offer), the average value remained stable between the two semesters, reaching 5,325 euros per square meter. In the highest range, the value of the offer on this axis fell from 9,768 euros per square meter to 9,209 euros. “This area continues to stand out quite a lot from the rest, with its average offer value in the resorts between 40% to 62% above”Of the rest. Here, the British invested, on average, 6,600 euros per square meter.

In year-on-year terms, and as a result of the chain recovery of the last two semesters, the variation of prices in resorts returned to positive ground at the end of 2020, registering an increase of 5.3% compared to the end of 2019“, Says the study.

More confident traders at the end of the year

With regard to the confidence of residential tourism operators for this year, expectations “improved in the second half ", after the first half of the year "are negative for the first time”Since 2017, reveals the same study, according to Sapo / Eco.
Still, "anticipated price developments are now more subdued, with operators predicting a rise in 2021 of just 0.4 percentage points”.

In terms of sales, expectations have also improved, although “trust is not immune to the pandemic”.
Furthermore, "both price and sales expectations are well below those expressed a year earlier”. Despite this, there is a “consensus that the pace of sales growth depends on the return of travel, especially from the UK”. (sic)

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