In the space of a year, over 5000 foreigners have officially registered as ‘new residents’ in the Algarve.
It’s an indication of just how popular the region has become, says national tabloid Correio da Manhã – adding that the knock-on effect on the property market, particularly in ‘previously less than fashionable locations’, has been dramatic.
Olhão is one of the new ‘sought after’ destinations, undergoing an incredible ‘gentrification’ by Brits, French and Italians who have fallen in love with the downtown historic area known as “Bairro da Barreta”.
Prices have quite literally gone through the roof.
Elsa Marques of the town’s bustling agency Top Marques told the paper: “If a year ago you could still find properties for €70,000, it’s now no longer easy to find them for less than €150,000”.
Marques has just seen clients buy two houses for renovation “for over €300,000.
“Years ago this would have been unthinkable”, she said.
The quaint fishing town known for its warm community spirit now has at least 20 estate agencies vying for business, while mayor António Pina affirms that the new influx of well-heeled foreigners has generated much-needed local employment.