Americans are Heating the Portuguese Real Estate Market
September 19, 2022
21
A strong dollar attracts wealthy housing hunters.
More and more people from the USA are buying houses in the Algarve region, which increases the demand for a limited supply of villas by the sea in a once quiet area. That has pushed prices to an unprecedented level: two properties on local real estate websites cost more than €40 million.
"Some of the prices are ridiculous," said Michael Vincent, chief executive officer of Portugal Property, whose average sale price is now €1 million, which is about 70-80% higher than last year. "I've just had the best month in 50 years, and demand doesn't seem to be falling."
Examples. The average house in the Algarve region sold by Savills this year went for €4 million, which is twice the average price three years ago. Savills set a Portuguese record at the end of last year when an eight-bedroom villa by the sea with a swimming pool was sold for €18.5 million.
Quote. "Demand has grown more than we could have expected," says Kerstin Buechner, co-owner of the Savills branch in the Algarve. "After Covid, it was difficult to find enough supplies to meet this demand."
Reasons. Home buyers in the United States, faced with a rapid increase in housing prices, prefere Portugal, taking advantage of the strong dollar to buy a property in a country with a lower cost of living.
They were encouraged by the generous Golden Visa program, which allows participants to obtain a residence permit by investing at least €350,000 in real estate or €500,000 in a local venture fund. Demand from foreign buyers, combined with a housing shortage, contributed to a 13% increase in house prices in Portugal in the first quarter of the year.
However, the villas are relatively cheap compared to other popular European holiday destinations such as the Alps or southern France.
Propreties for sale in Algarve:
298 000 €
Cottage in Silves, Portugal
140 sq.m632
A typical Portuguese farmhouse, with some traditional features this is the ideal property in the countryside to live a peaceful & tranquil lifestyle. Spanning 2 floors, with the upper floor having a private entrance. Ideal to use as a rental opportunity. Recently refurbished it has 3 rooms, 1 with en-suite facilities & 1 with plumbing which can...
Habita International Estates Ltd
350 000 €
Apartment in Portimao, Portugal
116 sq.m432
This stunning property has 3 bedrooms, with en-suite to the main, family bathroom, luxury, stylish, fully equipped open plan kitchen & living/dining room opening onto generous sized terrace & balcony. Set in a newly built, contemporary structure, with commercial properties on the ground floor with state-of-the-art apartments above. This...
Habita International Estates Ltd
760 000 €
Apartment in Lagos, Portugal
210 sq.m432
The condominium Santa Maria 2 - Apartments & Lifestyle is located in a development under construction in the city of Lagos, on the coast of the Algarve. The project offers a range of amenities including a swimming pool, gym, sauna, and private parking. The completion date for the project is scheduled for March 2024.
Each apartment in Santa...
Glacier Location LDA
699 950 €
House in Silves, Portugal
686 sq.m1184
Residence
Farm located in the "Barrocal" Algarve region area, in the S.B. de Messines, with easy and total accessibility(A2 motorway,2 km away)with, electricity and mains water. 12 hectares, including two urban plots of 750m2. of enormous potential to recover with 666m2 of possible gross construction area for housing with 11 divisions, and another urban...
Do you want to live in the sunniest and warmest region of the country? Open the doors to a world of exquisite comfort with our proposed apartment in Porto! Located in the modern part of the city, this gem offers an ideal location. Enjoy the proximity to the yacht marina, intercity highway, schools, hospitals, shopping malls, restaurants and...
VRC Idrisova
599 000 €
Apartment in Portimao, Portugal
129 sq.m433
Residence
A luxurious apartment in a fantastic location in the sunny Algarve. Fully furnished & equipped, with 3 bedrooms, all with fitted wardrobes & air conditioning & en-suite facilities to the main, a family bathroom, guest w.c, fully fitted & equipped kitchen & large living/dining room. The apartment has 2 balconies with sea views. There is a private...
Habita International Estates Ltd
660 000 €
House in Algarve, Portugal
141 sq.m43
Residence
Fantastic modern villa under construction, inserted in a plot of 168m2, with a construction area of 141m2. Basement common to the 5 villas, with individual boxes with direct access to the 0th floor. Plot with private patio to the east and west and terrace on the top floor, with unobstructed views. This villa under construction is perfectly...
Mercury Group
520 000 €
Flat in Algarve, Portugal
43
Residence
Located in one of the quietest areas of Portimão, this new condominium is the ideal place to live, just 5 minutes from the center of Portimão and development consists of two lots, both with communal pool and all apartments have indoor parking space and largeosed of apartments of typology T2 and T3, with generous areas, which excel in modern...
Mercury Group
3 200 000 €
House in Algarve, Portugal
300 sq.m43
Residence
Adding to the diversified real estate offer of the development are the luxurious villas distributed throughout the property and camouflaged among tall pine trees and beautiful gardens, inspired by traditional Portuguese architecture with a Moorish influence and a modern Cliffs Deluxe Villas are luxurious properties, equipped to the highest...
Mercury Group
1 300 000 €
Manor in Algarve, Portugal
Residence
Farm in Albufeira with excellent property has an old house and several annexes to recover and / or is served by electricity, water and sewage supplyted five minutes by car from the center of Albufeira, with access by tarredently the activity of planting carob and almond trees is developed, but it has great potential for any type of activity or...
Mercury Group
690 000 €
Manor in Algarve, Portugal
43
Residence
Farm located between Albufeira and property offers, in addition to an excellent location, a very high potential due to the construction area of 1562 entire construction area may be renovated or altered, since it is a construction prior to the year main building is habitable, has three bedrooms, two living rooms, two bathrooms, kitchen, terrace,...
Mercury Group
1 050 000 €
Flat in Algarve, Portugal
32
Residence
More than an apartment ... a lifestyle!Large apartments with excellent natural lighting with luxury finishes just 10 minutes from the city center and its wonderful enterprise stands out for a very modern and bold architecture at the culmination of a new ideology of quality and an unwavering commitment to quality finishes and excellent services,...
Mercury Group
1 020 000 €
Flat in Algarve, Portugal
32
Residence
More than an apartment ... a lifestyle!Large apartments with excellent natural lighting with luxury finishes just 10 minutes from the city center and its wonderful enterprise stands out for a very modern and bold architecture at the culmination of a new ideology of quality and an unwavering commitment to quality finishes and excellent services,...
Mercury Group
645 000 €
House in Algarve, Portugal
87
Residence
Fabulous 4 bedroom villa with pool and a 3 bedroom apartment in independent quality finishes and recentted in a residential area of villas five minutes drive from the beautiful beaches of Galé, Salgados and villa consists of three floors, the basement being served by a completely independent 3 bedroom apartment with direct access to an exit to...
Mercury Group
1 890 000 €
House in Algarve, Portugal
427 sq.m65
Residence
This luxurious five-bedroom villa has stunning views of the golf course and surrounding course and is set within beautiful private gardens with swimming influence of Moorish architecture is visible throughout this beautiful resort, with fresh, bluish courtyards, graceful arches and secluded terraces, and the villages are surrounded by lush...
Mercury Group
1 295 000 €
House in Algarve, Portugal
250 sq.m65
Residence
Magnifica Quinta, situated very close to the golf courses and a few minutes from Lagoa, as well as the picturesque villages of Carvoeiro and Quinta consists of 4 bedrooms, 2 en suite, living room, dining room, very spacious attic and an independent studio all Farm is inserted in a large plot land (36 000 m2) with immense potential for various...
Mercury Group
3 700 000 €
House in Algarve, Portugal
530 sq.m65
Residence
In the village of the Resort you can find 12 villas, all of them with distinct areas with a central courtyard in common. All its construction and development was thought of in the harmonization between the interior and exteriore villas are totally independent, their large lots have areas ranging from 1700m2 to 3300m2 and divisions of 3 to 7...
Mercury Group
3 850 000 €
House in Algarve, Portugal
485 sq.m65
Residence
In the village of the Resort you can find 12 villas, all of them with distinct areas with a central courtyard in common. All its construction and development was thought of in the harmonization between the interior and exteriore villas are totally independent, their large lots have areas ranging from 1700m2 to 3300m2 and divisions of 3 to 7...
Mercury Group
1 006 100 €
Flat in Algarve, Portugal
145 sq.m32
Residence
The development consists of 76 apartments, 31 non-tourist villas, 350 tourist units and the 5-star hotel with 76 addition, it is complemented by all services and infrastructures such as golf courses, outdoor activities, restaurants and bars, conference and events center, spa, outdoor and indoor experiences, sports facilities, programs and...
Mercury Group
530 000 €
Flat in Algarve, Portugal
123 sq.m43
Residence
3 bedroom apartment, with parking, in a housing project with construction and location of excellence in Lagos!This development is situated in a residential area, close to the beach, the historic center and with commerce and services at short distances, allowing you to enjoy all that Lagos offers, on apartments are built to the highest standards...
