The price of houses in the Algarve rose 9.4% in December 2024 compared to the same month of the previous year. According to the idealista price index, buying a house cost 3,528 euros per square meter (euros/m2) at the end of December last year, taking into account the median value. In relation to the quarterly variation, the increase was 1.3%.
According to idealista’s analysis by municipalities, prices in the region rose in Silves (15.1%), Lagoa (13.7%), São Brás de Alportel (11%), Portimão (10.6%), Faro (9 %), Vila Real de Santo António (7.4%), Olhão (7.3%), Lagos (7%), Loulé (6%), Albufeira (5.8%), Tavira (4.9%) , Vila do Bispo (4.1%) and Aljezur (0.9%). In Monchique (0.5%), prices stabilized during this period.
The most expensive municipality to buy a house is Loulé (4,193 euros/m2), followed by Lagos (4,024 euros/m2) and Vila do Bispo (3,878 euros/m2). Next come Lagoa (3,768 euros/m2), Albufeira (3,512 euros/m2), Aljezur (3,474 euros/m2), Silves (3,172 euros/m2), Tavira (3,161 euros/m2), Faro (3,157 euros/m2 ), Vila Real de Santo António (2,961 euros/m2), Olhão (2,933 euros/m2) and Portimão (2,831 euros/m2). On the other hand, the most economical ones are in Alcoutim (1,190 euros/m2), Monchique (2,249 euros/m2) and São Brás de Alportel (2,673 euros/m2).
At national level, housing prices rose 10.4% during the same period, standing at 2,827 euros/m2.
House prices in 2024 rose in 20 district capitals
House prices in 2024 rose in 20 district capitals, with Vila Real (21.2%), Évora (17.9%) and Leiria (15.4%) leading the list. Next come Coimbra (14.7%), Setúbal (13.7%), Beja (13.7%), Ponta Delgada (13.3%), Viseu (13.2%), Bragança (13%) , Santarém (13%), Braga (12.1%), Funchal (11.1%), Faro (9%), Porto (7.3%), Portalegre (5.6%), Lisbon (5.1 % ), Guarda (4.7%), Castelo Branco (3.8%), Aveiro (3.2%) and Viana do Castelo (3.2%).
Lisbon continues to be the city where it is most expensive to buy a house: 5,718 euros/m2. Porto (3,705 euros/m2) and Funchal (3,542 euros/m2) occupy second and third place, respectively. Next come Faro (3,157 euros/m2), Aveiro (2,576 euros/m2), Setúbal (2,568 euros/m2), Évora (2,372 euros/m2), Ponta Delgada (2,124 euros/m2), Coimbra (2,093 euros/m2). m2), Braga (1,975 euros/m2), Viana do Castelo (1,949 euros/m2), Leiria (1,632 euros/m2), Viseu (1,587 euros/m2) and Vila Real (1,403 euros/m2). The most economical cities are Guarda (845 euros/m2), Portalegre (860 euros/m2), Castelo Branco (896 euros/m2), Bragança (1,052 euros/m2), Beja (1,088 euros/m2) and Santarém (1,340 euros/m2).
Biggest price increases by districts and islands
Analyzing by districts and islands, the biggest price increases occurred on the island of São Miguel (17.6%), the island of Porto Santo (16%) and Porto (15.9%). Followed by Terceira island (15.8%), Beja (14.7%), Santarém (13.6%), Madeira island (12.6%), Braga (12.5%), Portalegre (12 .5%), Vila Real (12.2%), Leiria (11.5%), Setúbal (10.4%), Lisbon (9.8%), Aveiro (9.7%), Coimbra (9. 5%), Faro (9.4%), Évora (9.4%), Pico island (8.4%), Viseu (7.6%), Bragança (5.2%), Castelo Branco (4 .8%), Guarda (4%), Faial island (3.6%) and Viana do Castelo (1.7%). On the island of Santa Maria (-0.4%), prices stabilized during this period. On the other hand, prices fell on the island of São Jorge (-3.5%)
It is worth noting that the ranking of the most expensive districts to buy a house is led by Lisbon (4,279 euros/m2), followed by Faro (3,558 euros/m2), Madeira Island (3,251 euros/m2), Porto (2,916 euros/m2) , Setúbal (2,700 euros/m2), Porto Santo island (2,615 euros/m2), São Miguel island (1,925 euros/m2), Aveiro (1,829 euros/m2), Leiria (1,737 euros/m2), Braga (1,689 euros/m2), Coimbra (1,524 euros/m2), Viana do Castelo (1,481 euros/m2), Pico island (1,476 euros/m2), Évora (1,446 euros/m2), Santa Maria island (1,399 euros/m2 ), Faial island (1,350 euros/m2), Terceira island (1,335 euros/m2), Santarém (1,279 euros/m2) and São Jorge island (1,226 euros/m2).
The most economical prices are in Guarda (732 euros/m2), Portalegre (811 euros/m2), Castelo Branco (908 euros/m2), Bragança (917 euros/m2), Vila Real (1,056 euros/m2), Viseu ( 1,147 euros/m2) and Beja (1,209 euros/m2).
Prices of homes for sale increased in all regions of the country
Over the past 12 months, prices of homes for sale have increased in every region of the country. Leading the increases is the North (16%) followed by the Autonomous Region of the Azores (14.1%), Autonomous Region of Madeira (12.6%), Alentejo (11.6%), Center (10.7%) , Lisbon Metropolitan Area (10.2%) and Algarve (9.4%).
Greater Lisbon, with 3,904 euros/m2, continues to be the most expensive region to purchase housing, followed by the Algarve (3,558 euros/m2), the Autonomous Region of Madeira (3,241 euros/m2) and the North (2,440 euros/m2). On the opposite side of the table are the Center (1,549 euros/m2), the Autonomous Region of the Azores (1,642 euros/m2) and Alentejo (1,702 euros/m2) which are the cheapest regions to buy a house.
idealista property price index
To create the idealista property price index, the offer prices (based on built square meters) published by idealista advertisers are analyzed. Atypical advertisements and those with out-of-market prices are eliminated from the statistics.
The also includes the typology “single-family houses” and discards all ads found in its database that have not been interacted with by users for some time. The final result is obtained through the median of all valid advertisements in each market.
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