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The Future of Algarve/Alentejo

Algarve and AlentejoThe world is changing quite fast but it seems as most politicians think, as Algarve and Alentejo are paradises, nothing must change. In my book ALGARVE / ALENTEJO – MY LOVE I wrote about this paradise, but also warned for certain trends which could ruin it.

One of the items which started decreasing interest of foreigners here is the real estate speculation. Prices doubled in six years and many homes around €200,000 just a few miles from the beach are on sale for many months. Mainly because, although the owner has delayed debts to the banks, they do not wish to be added to the list of more than 400,000 homes which are on sale for more than twelve months.

As a huge economic crisis starts in Portugal next quarter, banks will be forced to sell many of those 400k properties. As this is around 10% of all existing homes, while in Northern Europe this figure is around 1-1,5%, there will be a global press from fonds lending to Portugal, that the new government, in March, must press the banks. Banks already now are restricting loans to real estate buyers.

The expensive tourism in the Algarve/Alentejo may fall, while the low-cost increases. This mainly because as hotels/restaurants were not prepared to the boom last summer, the lack of personal made the quality fall, which was spread to those niches. Expected bookings in November fell. The Catholic Young Meeting in Lisbon attracted the curiosity of many youngsters to the country. This niche will boost their amount in 2024, not total billing.

The wars in Ukraine and Middle East, higher criminality in some countries, lower hotel prices in some other countries, may attract thousands of top-level tourists to countries as Morocco, Seychelles, and the Caribbean.

Our future is on fishing and a better distribution of food-stuff. Because of lower own-immunity, people will get more diseases eating pork and some cow-meat. Many already are changing to veg or to no-red-meat. Algarve / Alentejo, because of climate is perfect to grow food-stuff. But the middle-men get the profits, while the produces just survive and have no extra to invest in more or better equipment. Cartels in this branch are making a huge profit and the Iberic governments must change this.


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