Portugal news – These are the Top 5 best areas to invest in real estate in the Algarve, Portugal, as well as the apartment sizes the most in demand and the main nationalities that invest in the Algarve, according to a study by RE/MAX.
Demand for real estate in the Algarve has increased in the first seven months of 2024, with July registering significant growth, with an 85% increase in demand for housing compared to the months of the last quarter of 2023.
Top 5 best areas to invest in real estate by municipality in the Algarve:
1 – Portimão
Portimão in the western Algarve is the most sought-after municipality in the Algarve with 19.3% of demand.
2 - Loulé
Loulé in the Algarve ranks 2nd most sought-after municipality in the Algarve property market with 15.4% of demand.
3 - Albufeira
Albufeira in the Algarve ranks 3rd most sought-after municipality in the Algarve property market with 14.3% of demand.
4 - Faro
Faro in the Algarve ranks 4th most sought-after municipality in the Algarve property market with 11.8% of demand.
5 - Tavira
Tavira in the Algarve ranks 5th most sought-after municipality in the Algarve property market with 7% of demand.
What are the apartment sizes the most in demand in the Algarve?
The apartment sizes the most in demand in the Algarve are the three smallest types, from T0 to T2. In the two most populous municipalities, Loulé and Faro respectively, T1 apartments are the ones that are most sought after.
What are the main nationalities that invest in the Algarve?
The main nationalities that invest in the Algarve are:
1 - Portuguese
Portuguese people rank as the top investors in the Algarve property market, accounting for 63.7% of real estate transactions.
2 – Brazilians
Brazilians rank 2nd main investors in the Algarve property market, accounting for 9.7% of real estate transactions.
3 – British
The British rank 3rd main investors in the Algarve property market, accounting for 3.7% of real estate transactions.
4 – Germans
The Germans rank 4th main investors in the Algarve property market, accounting for 2.9% of real estate transactions.
5 – North Americans
North Americans rank 5th main investors in the Algarve property market, accounting for 2.2% of real estate transactions.
“The continued increase in demand for property in the Algarve, particularly for home purchases, underlines the region’s attractiveness as a destination not only for tourism but also for permanent residence. It is this combination of a unique natural environment, excellent quality of life and investment opportunities that make the Algarve a preferred choice for many investors, both national and international,” highlights Beatriz Rubio, CEO of RE/MAX Portugal, the largest real estate agency operating in Portugal.
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