House prices in the Algarve rose 8.4% in July compared to the same month last year. According to the Idealista price index , buying a house cost on average €3,414 per square meter (euros/m2) at the end of July this year.
Analysing by municipality, prices in the region rose in São Brás de Alportel (14.7%), Silves (10.3%), Lagos (9.9%), Tavira (9.6%), Vila Real de Santo António (7.4%), Loulé (6.8%), Olhão (6.5%), Portimão (5.9%), Albufeira (5.9%), Aljezur (4.2%), Castro Marim (3.8%), Faro (2.8%), Lagoa (1.7%) and Vila do Bispo (0.8%). On the other hand, prices fell in Monchique (-1.2%).
The most expensive municipality to buy a house is Loulé (4,073 euros/m2), followed by Lagos (3,936 euros/m2) and Vila do Bispo (3,733 euros/m2). Next are Aljezur (3,602 euros/m2), Lagoa (3,574 euros/m2), Albufeira (3,420 euros/m2), Tavira (3,147 euros/m2), Castro Marim (3,132 euros/m2), Silves (3,075 euros/m2), Faro (2,979 euros/m2) and Vila Real de Santo António (2,969 euros/m2).
The most economical are in Monchique (2,263 euros/m2), São Brás de Alportel (2,622 euros/m2), Portimão (2,634 euros/m2) and Olhão (2,896 euros/m2).
At a national level, housing prices rose 7.7% during the same period, standing at €2,696 /m2.
Source https://www.algarveprimeiro.com/ - Photo courtesy of Depositphotos.com
