The price of housing in the Algarve decreased by 1,7% during the first quarter of 2016, standing at 1.309 euros/m2, according to the price index of the “idealista” property portal. The Algarve region was the only one that had a national decline. Despite the regional descent, the city of Faro saw a rise in prices.
Compared to the rest of the country, housing in Portugal increased by 6,8% during the same quarter, reaching 1.126 euros/m2.
In contrast to the Algarve, where homeowners ask for 1,7% less for their homes compared to the last quarter of 2015, the regions that saw housing prices rise the most were Lisbon and Alentejo (19% and 12,5% respectively ), followed by the North with an increase of 6,1%.
Despite the drop in prices for buying housing, the Algarve continues to be the second region in the country where buying a house is more expensive, just behind Lisbon, where a square meter costs 1369 euros.
Contrary to the trend in the Algarve region, is the city of Faro which, among the district capitals, was among the ones that registered the greatest increase in prices, behind Aveiro and Porto. In the Algarve capital, buying a house was 4,9% more expensive, according to the price index.
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