The Portuguese Algarve region is still the most attractive zone in the country. Last year, it held 33% of all hotel overnight stays, this represents 19 million nights !
If UK tourists showed up less than last year due to the devaluation of the pounds, the region is still shining bright and foreign buyers are jumping in.
For foreign buyers, the Algarve region is still in the top 3 of the most popular zone to purchase property. The region accounted for 40,9% of the 17,388 international purchases made by non-residents.
Algarve concentrated 40% of the acquisitions by non-residents
What are the property prices in Algarve?
With an average price per square meter of 1 500 € the Algarve region is still very affordable:
- Farò – 2072€ / m2
- Loulé – 1846€ / m2
- Lagos – 1744€ / m2
- Albufeira – 1631€ / m2
- Tavira – 1594€ / m2
If you read that Portuguese prices are BOOMING, keep in mind that in 2019 the average price to purchase a property in Paris is above 10.000€ … or over 5 times what you would get in Algarve.
Foreign buyers are still flooding the region and competition is fierce amongst real estate professionals.