Property prices in Portugal continue to rise across the country, with the average price per square metre now at €896 and many areas of the country way surpassing this value.
According to an investigation by the Portuguese newspaper Correio da Manhã and drawing on information supplied by the Portuguese National Statistics Institute (INE), the rise in house prices in Portugal looks set to continue with certain areas of the country, including in the Algarve, experiencing a real estate boom.
Lisbon continues to be the most expensive municipality in Portugal to purchase property with average prices now at €2,231 per square metre, this represents a rise in prices by some 15% since only last year and demonstrates the rate at which property is increasing in value in sought after areas of the country.
According to the report the top three most expensive areas in Portugal to buy real estate are Lisbon, Porto and then the Algarve, with some old properties in these areas now actually costing more than new builds depending on the postcode.
While property prices continue to increase in many areas, there are still opportunities to pick up great value homes, particularly in the less expensive areas of Portugal and in Beiras and Serra Estrela where prices are at the lowest in the country.
The capital may be where it costs the most on average to buy property but in general real estate prices in Portugal have risen by 6.4% over the past 12 months taking the average cost per square metre to €896.
In the Algarve, the most expensive places to buy property are in the Loulé and Lagos areas where prices remain above €1,500 per square metre, however depending on the location of a property the average price can range from anything between €896 and €2,231 per square metre.
The trend in property price increases does not look set to change in the near future so those looking to enter the market while there are still many options should consider making their move sooner rather than later.
There are still many properties available in the Algarve at reasonable prices, with properties to suit all budgets and needs.
To find out more about the Portuguese property market or to see what properties are available in the region, contact a member of the team directly today.