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Housing Prices Increase Once Again in the Algarve

1 October 2018

The price of homes in the Algarve has increased by 6% since the third quarter of 2018, with even higher increases in specific cities.

The news was reported by the online real estate marketplace Idealista, which stated that the price of housing in the Algarve reached an average of 2,031 euros/m2.

The city of Faro accompanied the regional increase, with a rise of 1.7% and a price per square meter of 1,706 euros.

The highest rise in the region came in Vila Real de Santo António (11.4%), followed by Silves (7.8%) and Olhão (6.6%).

Loulé is the most expensive municipality in the region to buy a home (2,430 euros / m2). The least expensive are Silves (1,499 euros / m2), Olhão (1,301 euros / m2) and São Brás de Alportel (1,233 euros / m2).

Housing in Portugal as a whole increased by 6.4% during the same period, reaching 1,867 euros/m2.

According to the same source, all regions saw quarterly price increases. The North region, where prices grew by 8%, stood out.

That region was followed by Lisbon and the Algarve (5.9%), Alentejo (4.2%), the Autonomous Region of Madeira and the Center (3.5%).

The ranking of the most expensive districts continues to be led by Lisbon (3,067 euros/m2), followed by Faro (1,916 euros/m2) and Porto (1,649 euros/m2).

Idealista analysed 71.572 ads on its database on September 25, 2018, to compile the housing price index.

Original Story: Algarve Primeiro

Translation: Richard Turner