Algarve Property Prices in 2024 – What to Expect

Discover Algarve Property Prices: Where to Find Your Dream Home

Introduction

Are you considering a move to the beautiful Algarve region of Portugal? Whether you’re looking to buy to live or an investment property for long-term rental, it’s essential to know where the best deals are. We’ve got the inside scoop on the latest property price trends so you can decide about your future home.

Buying a Piece of Algarve Paradise

If you’ve ever dreamt of owning your Algarve property, now is a great time to consider making that dream a reality. Nationally, the average cost of buying a house has increased by approximately €40,750 compared to October of the previous year, bringing the current average to €438,000.

This accounts for a substantial +10% increase, adding around forty thousand euros to property prices.

In the enchanting district of Faro, buying a house comes at an average price of €621,500, making it one of the more exclusive regions in the country. However, this increase of 8% compared to October 2022 is in line with the national trend.

Property Prices in Faro Algarve

Regarding property purchases, Vila do Bispo deserves a special mention for a significant +33% increase in the average house price since October 2022, now at €865,600.

Other municipalities with notable price increases include Lagoa (+27%, €569,550 to €725,800), Portimão (+17%, from €376,130 to €441,800), and Albufeira (+12%, from €618,980 to €691,625).

For those on a budget, Alcoutim (€191,410), Monchique (€436,550), Silves (€439,380), and Portimão (€441,800) offer attractive options.

On the other hand, the most abundant property investments can be found in Loulé (€939,600), Vila do Bispo (€865,650), Lagos (€818,400), Lagoa (€725,800), and Albufeira (€691,625).

Property Prices In Loule Algarve

Buying Property to Rent Long Term in Algarve: Expected Monthly Income

For those seeking to invest in a property for rental income, the Algarve offers a splendid selection of homes.

The good news for investors is that, on average, rental prices have seen a slight rise of +38% compared to the same period last year.

This translates to an increase of €465, bringing the current average rent to a cosy €1,700 per month.

While values have seen a minor fluctuation over the year, October has brought about a welcoming +7.5% rise in rental prices.

In the picturesque district of Faro, renting a house now costs an average of €1,400 per month, representing a 38% increase from October 2022.

The city of Loulé takes the spotlight here, boasting a whopping +95% increase in rental prices, elevating them from €1,130 to €2,210, breaking the €2,000 barrier.

Other notable municipalities with rising rental prices include Lagoa (+76%, from €980 to €1,730), Albufeira (+43%, from €1,110 to €1,580), and Lagos (+37%, from €1,125 to €1,550).

On the flip side, Silves (€780), Tavira (€960), Vila Real de Santo António (€970), and Portimão (€980) are some of the budget-friendly options for renting in October.

The most luxurious rentals can be found in Loulé (€2,210), Lagoa (€1,730), Olhão (€1,690), and Albufeira (€1,580).

Property Prices in Olhao Algarve

Conclusion

With the beauty and charm of the Algarve at your doorstep, now is the perfect time to explore your options for buying your Algarve home or investing in renting property for passive income in this captivating region. Let your dreams come true in the Algarve!

With over 20 years in the Algarve real estate market and currently displaying over 900 Algarve properties for sale, Gatehouse International is your one-stop shop for property purchases in the Algarve region.