Algarve property now more expensive than in Lisbon

Paul Rees 29 September 2017

apartments The Algarve has the highest valued property in the country, according to data released by the National Institute of Statistics.

In August this year the average price in Portugal for a square meter was €1,122 - according to the institute.

This amount has been rising month-on-month for five months with the figure being used by banks to determine mortgage advances.

Algarve property leads the country with each square meter now having a evaluation of €1,411.

This puts the region ahead of Lisbon which had an average valuation of €1,360 per square metre – the highest seen since June 2011.

Comments

+4 #5 Pedro Moreira 2017-09-30 22:52

As a valuer I do find some of the comments mind blowing. It is naturally important to understand the source of the data collected. In the Algarve for example the sales values per m2 can be somewhere between 1.000 - 10.000m2 or thereabouts. The report relates to average house prices and yes the statistics should and generally separate the various property types. The only use of this report is to understand the current position of the property market cycle. If you do own a property get an opinion from a reputable Estare Agent or contract an independent valuer. Do not undersell and find out if the lack of success in selling is related to overpricing. Search Surveyors in the Algarve if you need professional advice.

+6 #4 cintecsparta 2017-09-30 15:29

Too many 'vendors' who are not serious about selling and attach unrealistic price tags to their properties leading to unfulfilled expectations and some properties remaining on the market for years, and going stale. Everything sells at the right price. Greed rules.

+2 #3 Margaridaana 2017-09-30 14:23

It may be more expensive, but is it actually selling? I know so many people who have been trying to sell for years with almost no viewers and fewer offers, and this in a beautiful location with good ocean views. Has anyone looked recently at the number of reduced and re possessed properties flooding the market. Frightening!

-1 #2 liveaboard 2017-09-30 09:37

These statistics only count the cost of the interior floor area; land is not counted.
So if a lot of villas [with gardens / pools] and quintas are sold, the prices are lumped in with apartments, skewing
the numbers.
Lisbon sells few villas or quintas; the Algarve sells many.

+3 #1 mj1 2017-09-30 07:47

How things change, a few years ago you had to "give property" asay to sell it

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