Olhão has the lowest property prices of any Algarve county, making it an ideal ticket for entry into the coveted Algarve region of Portugal. Meravista.com looks at current market values in Olhão and how they compare to other areas.

Of the sixteen municipalities (counties) of the Algarve, Olhão, in the east, is the most recently inhabited. Straddled on each side by the ancient Roman cities of Ossónoba (now Faro) and Balsa (now Luz de Tavira), the town of Olhão did not come into being until the 17th century due to its astounding reserves of fish and seafood.

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Portugal offers a whole host of attractions to holiday home owners. It is less than three hours' flight from the UK, the popular Algarve region has more than 300 days of sunshine per year and property is excellent value, particularly given the current exchange rate.

It also offers a wide range of choice to second home owners, from modern, new build apartments and villas to vast, cut price plots of land covered with orange and olive trees and tumbledown cottages just crying out for sympathetic renovation.

But what is it that today's second home purchasers are looking for? Has the restoration dream given way to the convenience of new build luxury?

If you’re looking for a traditional Algarvean home or your very own rural tourism project, Meravista’s property of the week is a must view. Set in the countryside close to São Brás de Alportel, it has bags of potential as a small business or as an impressive private residence.

At a bargain price of only €565,000 (£426,000) for a 6-bed house plus a 2-bed cottage on a huge plot with massive potential for all types of uses, this is a truly unique opportunity.

Dreams of a rural tourism project have been shattered by the economic downturn and the small group of houses tucked away in the Monchique hills is back on the market.

 To rebuild, refurbish and bring the buildings of Aldeia do Barbelote up to scratch would cost north of €1 million so the project has been halted and the ‘for sale’ sign has gone up.

Estate agency Fine & Country’s new Carvoeiro office is just a few doors along from its former location.

The move has enabled the business to own its premises as it consolidates its position to cater for a large upswing in enquiries and in buyers visiting Carvoeiro which remains as popular as ever as a real estate hotspot - Carvoeiro is booming!

Clandestine accommodation for tourists has been upsetting tourist boards and political parties for ages.

In 2002, Algarve tourist chief Paul Neves wrote “the tourist sector makes up 8% of the country’s GNP" and of the 500,000 Algarve beds he estimated that about 40% are illegal.

With the euro at an eight-year low against the pound, can we expect Brits to rush out and grab that bargain second home in the sun that they have dreamed of for so long, or have we become more cautious of the market's fluctuations since the crash of 2008?