Real Estate Values in the Algarve Rise 13.8% in 2024

The real estate market in the Algarve has experienced remarkable growth, with a 13.8% rise in property prices in 2024. This growth not only surpasses the national average but also outperforms Lisbon (5.5%) and Porto (7.8%), cementing the region as a prime destination for investors and buyers. The appreciation in the Algarve contrasts with the slowdown observed in other areas, making it one of the most attractive regions in the country.

The Algarve has stood out in recent years, but in 2024, the growth rate was even more pronounced. The national average growth was 11%, while the Algarve continued to rise with an increase of 13.8%. Growth in Lisbon and Porto was more moderate, at 5.5% and 7.8%, respectively. The Algarve´s performance aligns with a growing regional trend, attracting increasing attention from investors.

The real estate appreciation in the Algarve was widespread, but some municipalities saw more significant increases:

However, not all municipalities followed the same pace. Albufeira saw a slight decrease of -0.6%, while Portimão experienced a more modest increase of 4.7%.

Property prices in the Algarve vary depending on the municipality. In 2024, the average price per square meter in the region was €2,966, with the following notable values:

These prices are still lower than those in other major European cities but continue to attract investors due to the region´s quality of life and infrastructure.

The Algarve remains one of the top destinations for the luxury market in Portugal. The region has attracted an increasing number of international buyers, especially in Loulé, Tavira, and Lagos, where prices have seen a significant rise. Despite the overall increase, the luxury market in the Algarve has shown stable demand, particularly for higher-value properties. The 13.8% increase in 2024 reflects the Algarve´s appeal to those seeking high-end properties and a superior quality of life.

The outlook for the Algarve´s real estate market remains positive, with the region solidifying its position as a preferred destination for those seeking quality of life, security, and good infrastructure. Demand for properties remains strong, particularly in the luxury segment, which is expected to sustain price growth in the coming years. The region has shown great adaptability and development capacity, with ongoing improvements in infrastructure and accessibility.

The real estate market in the Algarve is growing rapidly, with a higher appreciation than Lisbon and Porto in 2024. The region stands out for its ability to attract investors, especially in the luxury segment, and remains a privileged destination for those seeking quality of life and solid investments. With a 13.8% increase, the Algarve remains one of the most dynamic regions in the country in the real estate sector.

Source: SUPERCASA