Meravista’s latest property market survey reveals that the banks’ valuations of homes across Portugal’s Algarve have risen by 11% in the last three months, with housing prices following the trend and increasing by 13%.
When Meravista last reported on property valuations for the Algarve in February this year, the provincial average was 1371 €/ m², only 5% higher than Statistics Portugal’s (INE) bank valuation of 1298 €/ m². As of May 2014, it looks like prices have risen. The Meravista average now stands at 1550 €/ m² and the INE’s is 1442 €/ m² demonstrating a gain in housing prices of 13% and 11% respectively. Going forward, Meravista plans to monitor this positive movement by broadcasting monthly property numbers and valuations reports for the Algarve region.
This first report analyses property located within the Algarve as a whole and in each of the 16 Concelhos (counties) of the region. Meravista’s research shows that the average value of property across the Algarve is €309,000 and the average price per m² is €1,550.
In calculating the number of properties in each price bracket, Meravista noted that a fifth of all homes in its database are being marketed for under €100,000, and just over 60% are priced between €100,000 and €500,000. Just 13% of properties fall within the €500,000 plus price range.
One of the fortunate, or perhaps unfortunate facts about the Algarve, is that in the geographic centre of a province filled with low-priced property, sits the world renowned cluster of super resorts known as the ‘Golden Triangle’ in the county of Loulé. This county skews statistics for the Algarve as a whole. To compensate, here Meravista presents the numbers for the individual counties, where you can see a variety of valuations to match the needs of buyers.
With an overall rise in market value of 13% in just three months, those keen to invest in Algarve property should act now. It’s still a buyers’ market, with a chance to take advantage of outstanding bargains, but those who wait too long may miss the boat.
The Meravista website is dedicated exclusively to marketing property for sale and rent in the Algarve. It currently carries just under 15,000 listings across this popular region in Portugal, more than any other portal, and has a total of 24,661 properties in its database. This extensive collection of data means that Meravista can provide reliable information about the number of properties on offer in the province and the average price of homes by property type, broken down by Concelho.
Meravista’s subsequent monthly reports will focus on a single county and its major towns. The next in this series will be published in June.
For further information contact michele@meravista.com.
About Meravista
Meravista is the world’s largest property portal devoted exclusively to the Algarve. It brings visitors the latest state-of-the art search technology, making it easy for them to find their perfect property in the Algarve.
Property buyers can search for their retirement Quinta in Tavira, luxury villa in Quinta do Lago, a second home in Lagos or a beachfront apartment in Vilamoura.
They can choose their favourite location on the map, select their desired criteria, and see the Algarve properties that fit the bill:
• View maps, listings and property details at the same time
• Over 300 standardised property details
• Compare properties side by side
• Save favourite properties and searches
W: http://pt.meravista.com/en/home
Blog:http://pt.meravista.com/en/blogentry/positive-trend-algarve-property-market
