Over 2,760 Portuguese Properties Bought by Foreigners
The number of dwellings sold as households totalled foreigners bought approximately 36,600 houses, about 2,760 with tax residence outside of Portugal which was an increase of 12.6% on the previous year.
Algarve House Prices Increase by over 13%
The Algarve Housing Price Index rose by over 13% during the last quarter of 2022, which was around the same as the 3rd quarter of this year.
The 14.7% price increase in the last 3 months was greater in existing properties than that in new properties (8.4%). This a distinct turnaround from the previous quarter when new properties gained a 1.4% increase above that of existing properties.
Number of Homes Sold on the Increase
Over 42k homes were sold in the whole of Portugal during the second quarter which was a slight drop compared to the previous period in 2021.
The value of house transactions during this period was over 8 billion euros which was an increase of almost 10% in the same period in 2021.
Concluding the Research
The latest figures for the last quarter of 2022, due to be released in January, are expected to show similar increases.
All points show that the house prices in the Algarve are still on the increase and a stable investment for those looking to relocate or invest in property in the Algarve.
If you are looking for a great investment or relocation home, why not try our easy Algarve search facility on the site? With over 800 Algarve properties available for sale across the region we are one of the largest property networks.
Information provided by research from INE.