House prices in the Algarve increased by 2.1% in the first quarter of the year. According to the idealista price index, buying a house cost 3,321 euros per square meter (euros/m2) at the end of March, taking into account the median value. In relation to the monthly and annual variation, prices rose 0.5% and 7.7%, respectively.
According to idealista, prices in the region rose in the first quarter of the year in the municipalities of São Brás de Alportel (4.3%), Tavira (4.2%), Vila Real de Santo António (3.3%), Olhão (3.2%), Aljezur (3.1%), Vila do Bispo (2.8%), Monchique (2.3%), Lagoa (2%), Silves (1.9%), Loulé ( 1.4%), Lagos (1.2%), Albufeira (1%), Faro (1%) and Portimão (0.9%).
The most expensive municipality to buy a house is Loulé (4,010 euros/m2), followed by Vila do Bispo (3,830 euros/m2) and Lagos (3,803 euros/m2). Next are Aljezur (3,551 euros/m2), Lagoa (3,381 euros/m2), Albufeira (3,355 euros/m2), Tavira (3,138 euros/m2), Faro (2,926 euros/m2), and Vila Real de Santo António ( 2,849 euros/m2).
On the other hand, the most economical are Monchique (2,289 euros/m2), São Brás de Alportel (2,510 euros/m2), Portimão (2,583 euros/m2), Silves (2,809 euros/m2) and Olhão (2,820 euros/m2).
At a national level, housing prices rose 1.9% in the first quarter, standing at 2,610 euros/m2.
House prices rose in 13 district capitals
In the first quarter, house prices rose in 13 district capitals, with Vila Real (8.7%), Castelo Branco (3.8%), Évora (3.8%), Viseu (3.6%), Leiria (2.9%), Porto (2.7%), Lisbon (2.4%), Coimbra (2.3%), Funchal (2.2%), Setúbal (1.8%), Braga ( 1.8%), Santarém (1.2%) and Faro (1%). In Bragança (0%), Aveiro (0%) and Viana do Castelo (-0.2%) prices remained stable during this period.
On the other hand, prices fell in Beja (-5.1%), Ponta Delgada (-4.6%), Guarda (-4.2%) and Portalegre (-1.8%).
Lisbon continues to be the city where it is most expensive to buy a house: 5,569 euros per square meter (euros/m2). Porto (3,546 euros/m2) and Funchal (3,260 euros/m2) occupy second and third place, respectively. This is followed by Faro (2,926 euros/m2), Aveiro (2,496 euros/m2), Setúbal (2,300 euros/m2), Évora (2,088 euros/m2), Viana do Castelo (1,885 euros/m2), Coimbra (1,867 euros/m2), m2), Braga (1,794 euros/m2), Ponta Delgada (1,788 euros/m2), Leiria (1,455 euros/m2), Viseu (1,453 euros/m2) and Vila Real (1,257 euros/m2).
The most economical cities are Guarda (773 euros/m2), Portalegre (800 euros/m2), Castelo Branco (896 euros/m2), Beja (908 euros/m2), Bragança (931 euros/m2) and Santarém (1,199 euros/m2).
Biggest price rises took place in Vila Real, Leiria and Lisbon
Analyzing by districts and islands, the biggest price increases took place in Vila Real (3.3%), Leiria (3%), Lisbon (2.9%), Madeira Island (2.7%), Porto (2 .6%), Viseu (2.5%), Faro (2.1%), Terceira island (1.8%), Beja (1.6%), Coimbra (1.3%), Braga (1. 3%), Aveiro (1.2%), Setúbal (1.1%), Pico island (0.9%), Faial island (0.9%), Porto Santo island (0.9%) , Santarém (0.8%), Santa Maria island (0.6%), Bragança (0.6%) and Guarda (0.6%).
On the other hand, prices fell on the island of São Jorge (-4.1%), Castelo Branco (-4%), Évora (-3.6%) and Viana do Castelo (-1.4%). In Portalegre (-0.5%) and São Miguel Island (-0.4%), prices remained stable.
It should be noted that the ranking of the most expensive districts to buy a house is led by Lisbon (4,008 euros/m2), followed by Faro (3,321 euros/m2), Madeira Island (2,965 euros/m2), Porto (2,581 euros/m2) , Setúbal (2,472 euros/m2), Porto Santo island (2,273 euros/m2), Aveiro (1,687 euros/m2), São Miguel island (1,629 euros/m2), Leiria (1,604 euros/m2), Braga (1,520 euros/m2), Viana do Castelo (1,437 euros/m2), Santa Maria island (1,413 euros/m2), Coimbra (1,410 euros/m2), Pico island (1,374 euros/m2), Faial island (1,314 euros /m2), Évora (1,273 euros/m2), São Jorge island (1,218 euros/m2), Terceira island (1,173 euros/m2) and Santarém (1,135 euros/m2).
The most economical prices are in Guarda (708 euros/m2), Portalegre (717 euros/m2), Castelo Branco (832 euros/m2), Bragança (877 euros/m2), Vila Real (972 euros/m2) and Beja (1,071 euros/m2).
House prices only fell in Alentejo
During the first quarter of 2024, house prices only fell in Alentejo (-1.5%). On the other hand, prices rose in the Autonomous Region of Madeira (2.7%), followed by the North (2.6%), Lisbon Metropolitan Area (2.6%), Center (2.3%) and Algarve ( 2.1%). In the Autonomous Region of the Azores (0.3%) prices remained less stable during this period.
The Lisbon Metropolitan Area, with 3,632 euros/m2, continues to be the most expensive region to purchase housing, followed by the Algarve (3,321 euros/m2), Autonomous Region of Madeira (2,954 euros/m2) and North (2,159 euros/m2 ). On the opposite side of the table are the Center (1,431 euros/m2), the Autonomous Region of the Azores (1,443 euros/m2) and Alentejo (1,502 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.
idealista also includes the typology “single-family homes” and we discard all ads that are in our database and 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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