Where Are the Cheapest Places to Buy a House in the Algarve in 2024?
Introduction
Are you looking to buy a house in the Algarve without breaking the bank? Here’s a guide to the more affordable municipalities in this beautiful region of Portugal. Covering the first two quarters of 2024 gives you a better perspective of the current prices across the region.
Current Market Trends
Recently, the Algarve has seen a modest increase in house prices. On average, the cost of buying a house is approximately 3,373 euros per square meter as of the end of June. This represents a quarterly increase of 1.6%, with slight rises on a monthly (0.5%) and annual (7.5%) basis.
Municipalities with Rising Prices
Several municipalities in the Algarve have experienced significant price hikes in the second quarter of the year. Here are some notable ones:
- Alcoutim: A remarkable increase of 15.4%.
- Silves: Prices rose by 6.6%.
- Castro Marim: A 5% increase.
- Lagoa: Prices climbed by 3.7%.
- São Brás de Alportel: A rise of 3.4%.
- Loulé: Increased by 2.1%.
- Faro: A 1.8% rise.
- Lagos: Prices went up by 1.6%.
- Monchique: A smaller increase of 1.4%.
- Albufeira: Prices rose by 1.2%.
- Portimão: A 1.1% increase.
- Olhão: Prices went up by 1%.
In contrast, some areas saw little to no change, with Tavira increasing by 0.3%, Vila Real de Santo António by 0.2%, and Aljezur remaining stable. Notably, Vila do Bispo saw a slight decrease of 1.8%.
Municipalities with Rising Prices
Most Expensive Municipalities
If you’re wondering where the priciest properties are located, here are the top municipalities:
- Loulé: The highest at around 4,094 euros per square meter.
- Lagos: Close behind at 3,865 euros per square meter.
- Vila do Bispo: Around 3,761 euros per square meter.
- Aljezur: Properties average 3,551 euros per square meter.
- Lagoa: At about 3,506 euros per square meter.
- Albufeira: Around 3,394 euros per square meter.
- Tavira: At approximately 3,148 euros per square meter.
- Castro Marim: Around 3,033 euros per square meter.
- Silves: Properties are about 2,995 euros per square meter.
- Faro: Close to 2,979 euros per square meter.
- Vila Real de Santo António: Averaging 2,856 euros per square meter.
Most Expensive Municipalities
Most Affordable Municipalities
For those on a budget, the following municipalities offer the most affordable housing options:
- Alcoutim: The cheapest at approximately 1,011 euros per square meter.
- Monchique: Around 2,320 euros per square meter.
- São Brás de Alportel: About 2,596 euros per square meter.
- Portimão: Averaging 2,611 euros per square meter.
- Olhão: At roughly 2,848 euros per square meter.
Conclusion
Whether you’re looking for a luxury property or something more economical, the Algarve offers a wide range of options. From the high-end municipalities like Loulé and Lagos to the more budget-friendly areas like Alcoutim and Monchique, there’s something for every budget. Keep these insights in mind as you explore the real estate market in this stunning region of Portugal.
For more information about this or any other article, you can contact us at Gatehouse International Algarve. With professional help on hand covering all aspects of buying property in the Algarve.
Mark McLoughlin: A Passionate Explorer of Algarve’s Rich Heritage
For over 20 years, Mark has called the Algarve home, immersing himself in its landscapes, culture, and history. His passion lies in sharing the region’s stories through writing, photography, and guides for those who live here or dream of making the Algarve their home.
As a Level 10 Google Local Guide, Mark has contributed extensively to showcasing the Algarve’s hidden beaches, historic towns, and local gems, helping both residents and visitors discover the best of this southern paradise.
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