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In the last decade, the Portuguese property market has seen continuously rising prices, largely due to increased demand and a shortage of available properties, particularly in popular areas such as the Algarve, Lisbon and Porto.

Because of this, experts have long shared their concerns that more properties (that are also more diverse and more affordable) are needed to ensure that the dynamic of the Portuguese real estate market remains positive.

Now, thanks to new developments – both new construction and renovation projects –, the implementation of new measures as part of the government's Mais Habitação (More Housing) programme, and cooling demand due to rising interest rates and loss of purchasing power, there is now an increased supply of houses across the country.

In the last quarter of 2023, the number of available properties in the Algarve rose by 19.9%, compared to the same period in 2022. According to the study by property platform idealista, the number of houses on the market in Portugal increased on average by 10%.

There were still shortages in supply, however, in several areas in Portugal, including Ponta Delgada (Azores), Porto and Lisbon, with rising prices to match throughout 2023.

That's great news for buyers looking to purchase a home in the Algarve and who may have been waiting to find the perfect property at a better price, especially in areas such as Lagos, Albufeira, Lagoa and Portimão.

Finding your ideal home might just get a bit easier in 2024, with more choice and expert advice on hand. Speak to the Algarve Home Sales team and find your dream property this year.

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