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House prices in the Algarve goes up 6% during the third quarter of 2018

The housing price in Algarve has registered a rise of 6% during the third quarter of 2018, at 2,031 euros/m2.

Faro follows the trend of the region and notes an increase of 1.7%, costing the price of square meter EUR 1,706. The biggest increase in prices in the region was in Vila Real de Santo António (11.4%), followed by Silves (7.8%) and Olhão (6.6%). The municipality more expensive to buy a House is Loulé (2,430 euros/m2). On the other hand, the more economical are Silves (1,499 euros/m2), Olhão (1,301 euros/m2) and São Brás de Alportel (1,233 euros/m2).

In comparison with the rest of the country, housing in Portugal recorded a rise of 6.4% during the same period, standing at EUR 1,867/m 2

Regions

All regions saw a price increase in quarterly terms. Especially the northern region, which has seen prices grow 8%. The following are, in this order, the regions Lisbon and Algarve (5.9%) both, Alentejo (4.2%), the autonomous region of Madeira and Center (both 3.5%).

Lisbon with 2,629 Euro/m 2 continues to be the most expensive region, followed by the Algarve where it costs EUR 1,916/m 2 and wood (1,546 euros/m2). On the opposite side of the table is the Center (996 euros/m2), Alentejo (1,129 euros/m2) and the North (1,420 euros/m2), as the cheaper regions.

Districts

Prices have risen in 17 districts – among 20 analyzed, Madeira (Island) and Porto Santo (Island)-, with the highest increases to take place in Leiria (11.8%), Porto (8.3%), Guarda (8.2%) and Viseu (6.6%). In the case of Lisbon, the rise was 4.9%.

On the other hand, in Portugal (-6.8%), Santarém (-3.1%) and Castelo Branco (-0.9%).

The ranking of the most expensive districts continues to be led by Lisbon (3,067 euros/m2), followed by Faro (1,916 euros/m2) and Porto (1,649 euros/m2). The cheapest prices are in the Guarda (648 euros/m2), Bragança (675 euros/m2) and Castelo Branco where it costs EUR 678/m2.

District capitals/Cities

Prices increased in 15 district capitals, with Aveiro and Guarda led the list (8.2% in both cases). The following are Évora (7.1%), Portalegre (5.6%), Beja (5.4%) and Viseu (5.2%). In Porto the rise was 4.3%.

Curious is the fact that the prices have come down in Lisbon, a decrease of 0.4% that contrasts with the increases recorded in the first quarter of the year (3.3%) and in the last quarter of last year (2%).  

Lisbon remains, however, the district capital is more expensive to buy the house, something like 4,197 euros per m2. Porto (2,544 euros per m2) and Funchal (1,817 euros per m2) occupy the second and third places, respectively.  

The capital cities of most economic district are Bragança (679 euros per m2), Castelo Branco (689 euros per m2) and Guarda (716 euros per m2).

Source: Idealista

With a sample of thousands of properties for sale, the Idealista studies department analyzes, quantitatively and qualitatively, the evolution of the purchase and sale of housing in Portugal. With the publication of this report, the Idealista aims to give greater clarity and transparency to the Portuguese market real estate information. For the realization of real estate price index of Idealista analysed 71,572 ads, that were active for sale at 25 of September 2018. To ensure the accuracy of the data, were eliminated from the sample real estate that were caracterized with the typology "isolated villas", because their presence in the study undermines the price in some areas. The real estate index of the idealist is elaborated with the sales prices in relation to square metres constructed.