11 of the 25 most exclusive municipalities in the country are located in the Algarve
Buying a house is becoming more expensive, but there are more expensive areas than others, such as Lisbon, which continues, unsurprisingly, to be the municipality of the country where it will be necessary to open the “purse strings” more. According to a study by the idealist, the real estate marketplace of Portugal, the owners ask in the capital, on average, about 4,516 euros per square meter (m2). But there is a particularity in this ranking: 11 of the 25 most expensive municipalities are located in the Algarve.
The Top 5 of the most expensive municipalities – Lisbon has the gold medal – is complete with Cascais (3,286 per m2), Grândola (3,188 per m2), Oeiras (2,948 per m2) and Porto (2,718 per m2). The sixth and seventh places have "Algarve" signature, where we find the cities of Lagos and Loulé – the m2 costs 2,620 euros and 2,509 euros, respectively. Below 2,500 euros per m2 are the Algarve municipalities of Lagoa (2,341 euros per m2) and Albufeira (2,137 euros per m2).
From the 10th position in the ranking, prices are lower than 2,000 per m2: Loures is the municipality that comes closest to this value, with the price per m2 at around 1,993 euros. In 11th place is Tavira (1,970 per m2), followed by Odivelas (1,960 per m2), Matosinhos (1,922 per m2), Amadora and Portimão (1,882 per m2 in both municipalities), Óbidos (1,862 per m2), Faro (1,841 per m2), Funchal (1,805 per m2) and Silves (1,789 m2).
The last positions in the table are occupied by the municipalities of Vila Real de Santo António (1,775 per m2), Nazaré (1,682 per m2), Castro Marim (1,678 per m2), Almada and Olhão (1,675 per m2 in both cases). The 25th most expensive municipality is Alcochete (1,671 per m2).
Grândola is the 2nd most expensive municipality by district
The study is completed with the most expensive municipalities in each of the districts and islands. In addition to the most expensive municipalities already mentioned – Lisbon ranks first and Grândola second – stand out the most expensive in each district with a price per m2 below 2,000 euros. They are Óbidos (1,862 euros per m2), Espinho (1,525 per m2), Coimbra (1,365 per m2), Odemira (1,233 per m2), Porto Santo (1,222 per m2), Évora (1,206 per m2), Esposende (1,140 per m2), Caminha (1,082 per m2) and Portalegre (1,004 per m2).
Below 1,000 euros per m2 are Ponta Delgada (944 per m2), Benavente (926 per m2), Vila Real (878 per m2), Viseu (865 per m2), Guarda (761 per m2) and Mirandela (755 per m2). The municipalities of Covilhã (706 per m2) and Horta (704 per m2) appear in the last positions.
The Idealist Real Estate Price Index
With thousands of real estate listings, Idealista is the main marketplace in southern Europe, with presence in Portugal, Spain and Italy. For the purposes of this study, sales data for the second quarter of 2019 were used. Following the incorporation of the idealist / date into the idealist group, new calculation formulas were introduced which contribute to greater accuracy in the analysis of sales prices, particularly in small areas.
At the recommendation of the Idealist / 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.