Summary:
85% increase in housing demand in July compared to late 2023.
Portimão, Loulé, and Albufeira are the top three municipalities in demand.
Portimão leads with 19.3% demand; Loulé and Albufeira follow.
Smaller apartments (T0 to T2) are the most sought-after types.
The Algarve is becoming a preferred choice for investors due to its quality of life.
The Algarve's Real Estate Boom
The Algarve, known for its stunning tourist attractions, is witnessing a significant rise in real estate interest. In the first seven months of the year, there has been an 85% increase in housing demand in July alone compared to the last quarter of 2023. This surge highlights three municipalities that stand out in this trend.
Leading Municipalities in Demand
According to Remax, the demand is notably higher in the barlavento region, particularly in Portimão, Loulé, and Albufeira. Data from the first seven months of 2024 indicates that:
- Portimão is the most sought-after municipality with 19.3% demand.
- Loulé follows closely at 15.4%.
- Albufeira ranks third with 14.3%.
Completing the top five are Faro (11.8%) and Tavira (7%). Conversely, Monchique and São Brás de Alportel show the least demand, primarily due to their lack of direct access to the sea and beaches.
Types of Properties in Demand
The analysis of the most sought-after property types reveals that for apartments, the smaller typologies (T0 to T2) are in greatest demand. In the more populous municipalities of Loulé and Faro, T1 apartments are the most preferred option.
A Growing Investment Destination
The continuous rise in property demand in the Algarve emphasizes its appeal not only as a tourist destination but also as a viable option for permanent residency. The unique natural environment, high quality of life, and investment opportunities make the Algarve a top choice for both national and foreign investors, as highlighted by Beatriz Rubio, CEO of Remax Portugal.
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