What are the latest trends in Algarve property prices for buyers?
For buyers eager to understand the latest trends in Algarve property prices, the outlook remains optimistic. Recent reports highlight a remarkable 30% increase in luxury property valuations driven largely by the influx of North American buyers. This trend indicates a robust demand for high-end homes, making it a pivotal time to invest. As the Algarve becomes increasingly popular for its gorgeous landscapes and lifestyle offerings, areas like Quinta do Lago and Vale do Lobo are commanding premium prices that reflect their appeal. The real estate landscape has shifted with foreign buyers now accounting for a significant share of luxury sales, creating opportunities for portfolio diversifications. Additionally, the anticipated direct flight routes from major US cities to Faro are set to further stimulate interest. For buyers looking to enter this dynamic market, now could be the perfect moment to find exceptional properties. Don't miss the chance to make a sound investment—contact us today for personalised guidance and market insights!
According to Bloomberg, the wave of tourism is boosting business, especially from North American buyers who are heading to the country in record numbers: more than a million tourists from the US visited Portugal in the first half of 2024, almost double the number of visitors in the same period in 2022.
Visitors are heading in particular to the Algarve, for its famous sandy beaches, picturesque fishing towns and temperate climate all year round. From 2025, United Airlines will have a direct flight from Newark to the city of Faro, the gateway to the region.
“The top end of the Algarve real estate market has historically been dominated by British buyers, but that is changing,” says Kerstin Buechner, co-owner of Quinta Properties, a Savills affiliate in the region, quoted by the publication.
According to the expert, Americans have gone from making up less than 1% of luxury home buyers in the Algarve before the pandemic to becoming what she calls a “substantial percentage” today.
And the reality is that this is having an impact on prices. The first sale of more than 20 million, a record for the region, took place in 2022, and Buechner says Quinta Properties has already sold several properties at that level. As a result, prime supply is scarce, especially in the popular areas of Quinta do Lago and Vale do Lobo.
