The price of houses in the Algarve rose by an average of 4.5% in the fourth quarter of 2017 with property in the region now the second most expensive in the country, per square metre.
The highest increase in the last quarter of last year was in Olhão, up 12%, followed by Faro at 8.5%, Lagoa up 5.4% and Portimão up 5.3%. Prices in Silves fell by 0.9%.
The most expensive council area in the Algarve was Loulé, according to figures from Idealista, where the price per square metre was a whopping €2,214, followed by Lagos at €2,010 and Albufeira at €1,877.
Despite the increase in prices, the cheapest council area was Olhão, with the price per square meter at €1,156, followed by Vila Real de Santo António at €1,430 per m2.
The Algarve was outpaced by the rest of the country where the price of houses registered an increase of 5.5% during the same period last year, to €1,690 per m2.
Lisbon remains the most expensive area of Portugal where a square metre will cost €4,079. Next is Oporto at €2,256 and Funchal at €1,641.
The regional capitals with the cheapest prices are Bragança at €660, and Portalegre and Guarda at €724.
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