Following the news that Portuguese property prices continue to rise above the EU average, how is that reflected in each municipality?
While the highest property prices in Portugal can be found in its capital of Lisbon, the Algarve is home to the largest number of municipalities where property prices are the most expensive.
The most recent data from the National Statistics Institute (INE) shows that the median price of houses in Portugal in the first quarter of the year was €1,454 per square metre, representing a year-on-year growth rate of 17.2%.
But which are the municipalities where properties are the most expensive? And the cheapest? Collecting data from 300 Portuguese municipalities over the past year, the INE found that house prices in 46 councils are well above the national median.
In first place is the Portuguese capital. In the Lisbon municipality, the average home costs €3,642/sqm. In second place is Cascais, also in the Lisbon area, where buying a property costs an average of €3,184/sqm. Loulé, in the Algarve, comes in in third, with prices of around €2,750/sqm.
In fact, the Algarve features heavily in the ranking of most expensive properties. Of the 10 highest-ranking councils, five of them are in the district of Faro – Loulé, Lagos, Albufeira, Lagoa and Aljezur – and all average prices are well above €2,000/sqm.
At the other end of the scale, the cheapest property prices can be found predominantly in inland Portugal, the cheapest being in Figueira de Castelo Rodrigo, in the Guarda district, with an average cost of €177/sqm.
Considering this current scenario, the best deals in the Algarve get snapped up quickly. Take a look at the Algarve Home Sales portfolio to find your perfect property. Can't find what you're looking for? Get in touch directly with the team, who are well-positioned to secure your Algarve home.