Thursday, 22 May 2014 09:46
Following you will find the most current market survey from Meravista regarding the recovering Algarvian Property market in 2014.
Meravista’s latest property market survey reveals that the banks’ valuations of homes across Portugal’s Algarve have risen by 11% in the last three months, with housing prices following the trend and increasing by 13%.
When Meravista last reported on property valuations for the Algarve in February this year, the provincial average was 1371 €/ m², only 5% higher thanStatistics Portugal’s (INE) bankvaluation of 1298 €/ m². As of May 2014, it looks like prices have risen. The Meravista average now stands at 1550 €/ m² and the INE’s is 1442 €/ m² demonstrating a gain in housing prices of 13% and 11% respectively. Going forward, Meravista plans to monitor this positive movement by broadcasting monthly property numbers and valuations reports for the Algarve region.
This first report analyses property located within the Algarve as a whole and in each of the 16 Concelhos (counties) of the region. Meravista’s research shows that the average value of property across the Algarve is €309,000 and the average price per m² is €1,550.
In calculating the number of properties in each price bracket, Meravista noted that a fifth of all homes in its database are being marketed for under €100,000, and just over 60% are priced between €100,000 and €500,000. Just 13% of properties fall within the €500,000 plus price range.