The price of property in the Algarve rose 4.9% during the first quarter of 2018, compared to the same period the year before, according to the price index tracker published by the real estate portal, ‘Idealista.’Overall, the cost of property in Portugal increased 3.8% between January and the end of March 2018, to €1,754 per m2.
The price of Algarve property increased also, the average cost per square metre was €1,809 in the first quarter, making the region the second most expensive of the country.
The highest increase within the Algarve region was in the Portimão area, up 7.7%, followed by Silves at 6.3%, Lagoa at 5.7% and Faro up 5% to €1,677 per m2.
The most expensive council area for housing is Loulé, which includes the golden triangle, at €2,304 per m2 followed by Lagos at €2,052, per m2.
Rough and ready Olhão is the cheapest place to buy property, at €1,221 per m2, then Silves at €1,391 per m2 and Vila Real de Santo António at €1,469 per m2.
The regions with the highest price increases were Madeira at 10.4%, the North at 6%, Lisbon, up 5.6%, followed by the Algarve’s 4.9% rise.
All regions in the country witnessed year-on-year price increase, with the exception of the Alentejo, where prices fell 4%.
The prices outside Lisbon and the Algarve fall away steeply when buying in the Central region at €962 per m2, the Alentejo at €1,083 per m2 and ‘oop North at €1,315 per m2.
The most expensive district is Lisbon at €2,923 per m2 and the cheapest is Santarém where it costs an average of €706 per m2 to buy a house.
