The sale price of houses in the Algarve continued to grow in 2021

In the CASAFARI report, the sale prices of all 16 Algarve municipalities were not analyzed

The price of home sales continued to grow in 2021 and the Algarve municipalities showed «a continuous growth in average prices», both in apartments and houses.

CASAFARI, Europe's leading real estate data technology platform, has prepared a report analyzing the real estate market for the year 2021, which was released this Wednesday, January 5th.

According to this report, the municipalities of Vila Real de Santo António (VRSA) and Silves lead the growth in average apartment sales prices, with increases between 12% and 14%.

In terms of housing sales, the biggest increase in prices was observed in the municipality of Castro Marim, with prices rising by up to 16.2%, followed by Lagos with 14.9%.

The highest average house sales price continues to be recorded in the municipalities of Loulé and Lagos, with values ​​between 620 and 670 thousand euros.

In terms of rentals, the Algarve municipalities «showed some variations, with a tendency towards stabilization or even a decrease in average prices», highlights CASAFARI.

Loulé was the only municipality to have a residual growth of 0,8%, remaining the most expensive municipality in the district, where renting a house costs an average of 750 euros.

Albufeira and Tavira recorded a decrease in the average rental price of around 3% and Vila Real de Santo António recorded the largest decrease (-5,8%).

In this report, the sale and lease prices of all 16 Algarve municipalities were not analyzed.

The document concludes that, throughout 2021, and despite the pandemic situation, “average apartment sales prices continued on an upward trajectory in practically all districts”, with Faro, Lisbon and Évora, at the national level, registering the greatest increases (between 8,4 and 9,4%), followed by Aveiro and Funchal, with the same 8,2%.

CASAFARI's data also point to the «more accentuated growths in the sale prices of houses», with Évora and Lisbon leading the increase with variations between 13.2% and 11.8%, respectively, while Guarda registers the biggest decrease (-1.6 %).

However, in the rental market, the offer of houses for rent “has led to a stabilization of prices in the main districts of the country”.

The 2021 data reveal “the impact of the pandemic on the sale price of apartments, houses and rentals throughout the year”, concludes CASAFARI.

 



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