Algarve House Sales Have Doubled Over the Last Decade
Inleiding
Algarve House Sales Have Doubled Over the Last 10 years and the real estate market has seen significant growth over the same period. This growth is reflected in the rising number of appraisals, credits, and home sales, indicating an expansion of the market.
Home Sales
Over the last ten years, the number of housing transactions in the Algarve has more than doubled. In the first quarter of 2014, there were around 15,000 housing transactions in Portugal, many of those being in the Algarve region.
By the first quarter of 2024, this number had risen to over 33,000, representing a 114.6% increase. This surge in home sales highlights the growing demand for real estate in the region.
Home Sales in the Algarve
Bank Appraisals
Bank appraisals have also seen a significant rise. In the first quarter of 2014, there were 7,087 bank assessments. By the first three months of 2024, this number had grown to 30,523, marking a 330.7% increase.
This rise can be attributed to several factors, including increased real estate demand and evolving interest rates, which encouraged bank financing of property acquisitions until mid-2022.
New Housing Loans
The number of new home loans has skyrocketed over the past decade. In the first quarter of 2014, there were 2,811 new housing loans.
By the same period in 2024, this number had increased to 28,694, representing a 920.8% rise. This dramatic increase underscores the growing confidence in the real estate market and the willingness of buyers to invest in property in the Algarve.
New Housing Loans
New Mortgage Credit Contracts
Alongside the rise in bank assessments, there has been a significant increase in the number of new mortgage credit contracts. While not all appraisals result in new credit contracts, the number of new mortgage loans generally aligns with the rise in appraisals.
The number of mortgage loans, however, is typically lower than the number of bank appraisals, as not all assessments lead to credit granting.
Some appraisals are associated with the renegotiation of existing credits. Occasionally, the number of credit contracts may exceed the number of appraisals due to the time lag between the evaluation and the actual start date of the credit.
New Algarve Mortgage Credit Contracts
Conclusion
The Algarve’s real estate market has experienced substantial growth over the past decade, with a significant increase in home sales, bank appraisals, and new housing loans.
Despite challenges such as high interest rates and house prices, the market has continued to expand, reflecting a robust demand for real estate in the region. This growth trend highlights the Algarve as a thriving area for property investment, with a dynamic and evolving market.
If you are looking for your dream home in the Algarve, contact us here at Gatehouse International Algarve alternatively create an Algarve property alert to receive all the new properties arriving on the market.
Mark McLoughlin: een gepassioneerde ontdekkingsreiziger van het rijke erfgoed van de Algarve
Al meer dan 20 jaar voelt Mark zich thuis in de Algarve en dompelt hij zich onder in de landschappen, cultuur en geschiedenis. Zijn passie ligt in het delen van de verhalen van de regio door middel van schrijven, fotografie en gidsen voor degenen die hier wonen of ervan dromen om van de Algarve hun thuis te maken.
Als een Level 10 Google Local Guide heeft Mark veel bijgedragen aan het onder de aandacht brengen van de verborgen stranden, historische stadjes en lokale pareltjes van de Algarve, zodat zowel inwoners als bezoekers het beste van dit zuidelijke paradijs kunnen ontdekken.
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