Real Estate Boom in Algarve
The real estate market in the Algarve is seeing prices rise above the national average, with a remarkable 13.8% increase in 2024, according to data released by Confidencial Imobiliário. This growth outpaces the national average of 11.0%, as well as the increases in Lisbon (5.5%) and Porto (7.8%).
Year-on-Year Growth Comparison
The statement highlights that the valuation of properties in the Algarve has accelerated compared to 2023, which recorded a 9.2% increase. In contrast, the price growth in Lisbon and Porto has slowed, with Lisbon showing a 6.3% increase and Porto 10.7% in 2023.
Market Performance by Municipality
The report indicates that 13 out of 16 municipalities in the Algarve experienced accelerated growth. Notably, the most expensive markets like Loulé (12.6%), Tavira (12.8%), and Lagos (18.6%) are leading this upward trend. Furthermore, Vila Real de Santo António recorded the highest increase in the Algarve at an astonishing 26.0%.
This significant surge reflects the strong performance of the Algarve's real estate market, making it a key area of interest for potential investors and homebuyers alike.
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