House prices increased 7.3% in the Algarve in 2019, with one square metre of property costing an average of €2,209 in the region, reports property website Idealista this week.
Lagos is singled out as the municipality in the Algarve where house prices are the most expensive, with one square metre costing an average of €2,636, followed by Loulé (€2,582/sqm) and Lagoa (€2,428/sqm).
On the opposite end of the spectrum, the small village of Alcoutim (€657/sqm) in the Eastern Algarve is where house prices are cheapest. Monchique (€1,559/sqm), Castro Marim (€1,705/sqm) and Olhão (€1,743/sqm) follow as the boroughs where you won’t have to dig so deep into your pockets to buy a house.
Further data shows that the biggest increase in house prices was registered in Silves (+14.2%), followed by Olhão (+13.3), Vila Real de Santo António (+12.8%), Tavira (+9.5%) and Lagoa (+9.3%).
On a national level, Idealista reports a 13.3% increase in house prices across Portugal. In the North and the Lisbon Metropolitan Area, the rise was actually above the average, with prices up by 14.7%.
All but one region saw prices increase – in the Alentejo, they fell 0.4%.
Prices reflect the general value of houses aimed mainly at the national residential market.