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Property prices in the Algarve rise by 3.1% during the third quarter of 2017

Tuesday, 07 November 2017 - Press

With this increase, the price of housing is 1,649 euros/m2. The highest increase was registered in Olhão (5.6%). Loulé is the most exclusive municipality costing 2,162 euros/m2. Estimates are from the ‘idealista’ portal.

The price of houses in the Algarve rose by 3.1% during the third quarter of 2017 to 1,649 euros/m2, the second most expensive region of the country, according to the price index of ‘idealista’, the real estate marketplace of Portugal.

Since the summer, the highest increase in the Algarve was recorded in Olhão (5.6%), followed by Portimão (4.9%), Faro (3.6%) and Silves (3%). On the opposite side, the biggest drop was in Aljezur where prices fell 4.2%, followed by Castro Marim (-1%) and São Brás de Alportel (-0.2%).

Of the analyzed municipalities, the most exclusive one to buy property in the Algarve is in Loulé costing 2,162 euros per square meter, followed by Lagos (1,947 euros/m2) and Albufeira (1,819 euros/m2). Despite the increase in prices, the most economical municipality is in Olhão, 1,034 euros/m2, followed by São Brás de Alportel (1,083 euros/m2) and Aljezur (1,085 euros/m2).

In the rest of the country, house prices rose by 7% over the same period to 1,602 euros/m2.

All regions witnessed a price increase compared to the second quarter of 2017. The regions with the most significant increase were Lisbon and the North (8.8% and 6.8% respectively), followed by the Algarve with an increase of 3.1%. The regions with the lowest increases were Alentejo (2%), Central (1.8%) and Madeira with a quarterly variation of 1.2%.

Lisbon with 2,231 euros/m2 remains the most expensive region, followed by the Algarve where it costs 1,649 euros/m2 and Madeira (1,288 euros/m2). On the opposite end are the Centre (956 euros/m2), the Alentejo (1,096 euros/m2) and the North (1,155 euros/m2), as the cheapest regions.

In the second quarter of 2017, 12 districts saw prices rise in the third quarter of this year. The largest increases occurred in Lisbon (9.5%), Porto (8%) and Bragança (4.6%). The largest decrease was recorded in Viseu and Vila Real (-1.7% in both cases) and Santarém (-0.7%).

The ranking of the most expensive districts is led by Lisbon (2,650 euros/m2), followed by Faro (1,649 euro/m2) and Madeira (Island) (1,289 euros/m2). The cheapest prices can be found in Guarda (646 euros/m2), Bragança (657 euros/m2) and Portalegre where it costs 687 euros/m2.

District Capitals

During the second quarter of 2017, 14 district capitals saw an increase in their prices. Oporto leads the rise between the big cities with 11.1%, followed by Setúbal (6.9%) and Braga with an increase of 5.5%. On the other side, Viseu witnessed a 4.5% drop in prices, followed by Beja (-3.5%) and Viana do Castelo with a drop of 1.5%.

Lisbon continues to be the district capital where it is more expensive to buy, costing 3,946 euros/m2. Next is Porto (2,094 euros/m2) and Funchal (1,561 euros/m2). On the other hand, the capitals with the cheapest prices are Bragança (638 euros/m2), Guarda (711 euros/m2) and Castelo Branco (724 euros/m2).

The real estate price index of ‘idealista’

‘idealista’ is the real estate forum in Portugal to buy, sell or lease. With a sample of thousands of properties for sale, the study department of ‘idealista’ analyzes, quantitatively and qualitatively, the evolution of buying and selling of property in Portugal. With the publication of this report, ‘idealista’ intends to give greater clarity and transparency to real estate information in the Portuguese market.

To compile and update the index of real estate prices - ‘idealista’ analyzed 58,880 advertisements which were announced in the database of ’idealista’ on September 27, 2017. To ensure the accuracy of the data, properties with prices mismatched in the market and properties with the typology ‘isolated dwellings’, (since their presence in the study jeopardizes the price in some areas) were deleted from the sample. The real estate index of ‘idealista’ is calculated with selling prices in relation to the square meters built.



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