Tourism drives property prices up in the Algarve |
The Algarve has the highest priced houses in the
whole of the country. The average value, according to data of the
Instituto Nacional de Estatástica (INE), has reached 1,481 euros per
square metre, whereas the national average is 1,225 per square metre. According
to Mendonça Pinto, the regional director of the Economy, the facts were
not surprising, saying it was because “ the buying power index
registered for the Algarve is superior to the national average”. As it
is a large tourist area, many people are buying second homes, which
changes the trend and shape of the property market. The tourist zones
of Loulé, Albufeira and Lagos are experiencing elevated prices as well
as the Algarve’s capital, Faro, where it is apartments that are
expensive. |
