The price of housing in the Algarve increased by 1,9% during the second quarter of this year, in the midst of the Covid-19 pandemic, standing at 2.295 euros per square meter (m2), according to the idealistic real estate portal.
The city of Faro follows the trend of the region and registers an increase of 1%, costing the price of 1.911 euros per square meter. The biggest price rise in the region was registered in Monchique (8,9%), followed by Castro Marim (4,6%) and Lagoa (4,5%).
The most expensive municipality to buy a house is Loulé (2.780 euros/m2) followed by Lagos (2.675 euros/m2). On the other hand, the cheapest are Monchique (1.781 euros/m2), Aljezur (1.781 euros/m2), Castro Marim (1.823 euros/m2) and Olhão (1.838 euros/m2).
Compared to the rest of the country, housing in Portugal increased by 0,5% during the same period, reaching 2070 euros/m2.
The regions that saw a price increase in quarterly terms were the North (2,8%) and the Algarve (1,9%). On the other hand, they decreased in Alentejo (-1,6%), Autonomous Region of Madeira (-0,6%), Metropolitan Area of Lisbon (-0,3%) and Center (-0,2%).
The Metropolitan Area of Lisbon, with 2.997 euros per m2, continues to be the most expensive region, followed by the Algarve (2.295 euros per m2), the North (1.765 euros per m2) and the Autonomous Region of Madeira (1.557 euros per m2). On the opposite side of the table, Alentejo (1.031 euros per m2) and the Center (1.038 euros per m2) are found as the cheapest regions.
Of the analyzed districts, the biggest increases took place in Porto (3,4%), Braga (2,6%), Setúbal (2,4%), Aveiro (2,2%), Faro (1,9%) and Viseu (1,7%). In the case of Coimbra, the increase was 0,7%.
Prices fell in Beja (-3%), Leiria (-1,2%), Guarda (-0,9%), Santarém (-0,6%), Madeira Island (-0,6%). In Évora (-0,2%) and Lisbon (-0,1%), prices remained practically stable.
O ranking of the most expensive districts continues to be led by Lisbon (3.317 euros per m2), followed by Faro (2.295 euros per m2) and Porto (2.073 euros per m2). The cheapest prices are in Guarda (641 euros per m2), Portalegre (645 euros per m2), Castelo Branco (696 euros per m2) and Bragança (751 euros per m2).
Prices increased in 14 district capitals, with Coimbra (3,9%) leading the list. This is followed by Viseu (3,7%), Braga (3,1%), Évora (3%) and Vila Real (2,5%). Already in Porto and Faro the increases were 1,6% and 1%, respectively.
On the other hand, it was in Santarém that prices fell the most: 5,2%. This is followed by Beja (3,2%) and Lisbon, where the decrease was 1%.
Lisbon is still the most expensive city to buy a house, 4.664 euros per m2. Porto (2.876 euros per m2) and Faro (1.911 euros per m2) occupy the second and third places, respectively. The cheapest cities are Guarda (637 euros per m2), Castelo Branco (731 euros per m2) and Bragança (753 euros per m2).
Taking into account the rise in house prices in the last 12 months, Coimbra (15,2%) leads the list, followed by Viana do Castelo (13,9%) and Évora (13%).
According to the idealist, “on the recommendation of the statistical team, the formula for finding the average price has been updated: in addition to eliminating atypical advertisements with prices outside the market, we calculate the median value instead of the average value. With this change, in addition to making the study closer to the reality of the market, we ratify our methodology with those applied in other countries for obtaining real estate data».
«We also include the typology “single-family houses” and we discard all the ads that are in our database and that have been without any kind of interaction by users for some time. The report continues to be based on the offer prices published by the idealista's advertisers», he concludes.
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