According to the latest price index from Idealista, house prices in Portugal rose by 1% in the third quarter of the year, despite the challenges brought on by the pandemic.
The Portuguese real estate platform, which analyses house listings, revealed that property prices have risen by 1% compared to the same period in 2019. The price per square metre also continues rise, and now stands at 2,090 euros per square metre.
This represents an increase of 5.5% compared to the first quarter. In the Algarve, prices rose by 2.1%, behind the Centro region (4.4%) and the Autonomous Region of Madeira (2.5%).
The price index also registered that the Algarve has the second-most expensive square metre in the country (€2,343 per sqm), only behind the Lisbon Metropolitan Area (€2,954).
In terms of cities, the most expensive cities in Portugal to buy a house are Lisbon, Porto and Faro, at €4,614, €2,895 and €1,949, respectively. The figures reflect the forecasts that the real estate market is one of the “likely winners” of the crisis in Portugal (find out more).
This latest data comes after news that the Algarve has seen a record drop in house sales (read more here). Said the president of APEMIP (Portuguese Real Estate Professionals and Brokers Association), Luís Lima: “It is not so surprising that, even during the pandemic, residential real estate continues to register increases.”
Real estate experts, such as the Algarve Home Sales team, are on hand to find the best deals in these difficult times. Find your dream house by perusing our portfolio here, or get in touch with the team here for advice on buying or selling a property in the Algarve.