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:
450 000 €
Apartment in Portimao, Portugal
96 sq.m322
This stylish, air conditioned, duplex penthouse is built using quality materials & state-of-the-art fixtures & fittings. Spanning 2 floors, with the 10th floor consisting of entrance hall & bright & spacious living/dining area with contemporary, open plan kitchen, fully fitted & equipped with highly lacquered cabinets & integrated, top of the...
Habita International Estates Ltd
595 000 €
Apartment in Lagos, Portugal
100 sq.m312
ResidenceOnline ViewingRemote Transaction
The apartment is located in a luxurious, high standard luxury resort in Lagos, surrounded by unrivaled and unique natural beauty. The large natural amphitheater offers panoramic sea views. This faction has a T1+1 typology with good plots distributed as follows: Living/dining room, kitchen, bedroom with terrace access, full bathroom and suite...
Amber Star Real Estate
2 500 000 €
Villa in Lagos, Portugal
261 sq.m755
Online ViewingRemote Transaction3D TourCredit
5 Bedroom Villa, Praia da Luz
A 5 bedroom villa just 500m from the beach and with panoramic and unique ocean views!
Located in the Algarve, between Burgau and Luz, this property consists of 2 parts:
- An urban plot of 1,400 m2, with a villa of 654 m2;
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The plot of land of 7,840 m2 adjoins the villa and has...
Amber Star Real Estate
373 000 €
Apartment in Portimao, Portugal
123 sq.m543
This was a large apartment which has been separated into 2 smaller apartments. The ideal property for an extended family. Giving each their own space yet still together. 1 apartment has a long hallway, family bathroom, guest wc, open plan living area with fitted kitchen & balcony with sea view & 2 bedrooms each with fitted wardrobes & a private...
Habita International Estates Ltd
299 000 €
Apartment in Portimao, Portugal
122 sq.m432
Excellent 3 bedroom apartment in Quinta da Malata with generous areas, on the 7th floor, with 2 bathrooms, facing south and east with lots of natural light, with 1 parking space in the garage and a private storage room. Schedule your visit now!!!
Habita International Estates Ltd
290 000 €
Apartment in Portimao, Portugal
74 sq.m321
The layout of this apartment enables you to take advantage of the wonderful surroundings with Monchique mountains on one side & the Atlantic Ocean on the other. Both balconies offer wonderful sea views & maximum solar exposure, whatever time of the day. The apartment consists of an entrance hall, fully fitted & equipped kitchen with enclosed...
Habita International Estates Ltd
195 000 €
Apartment in Portimao, Portugal
74 sq.m211
Sold, beautifully furnished, this is a large, bright 1-bedroom apartment with views of the River Arade. In a fantastic location just a few meters from the Portimão museum & the stunning riverfront area where you can get a river taxi over to Ferragudo, or stroll along the palm tree lined riverside. This wonderful apartment has a large living room...
Habita International Estates Ltd
195 000 €
Apartment in Portimao, Portugal
38 sq.m111
This studio apartment in Praia do Vau has so much potential. With a fantastic East facing balcony where you can sit and enjoy breakfast whilst taking in the morning sunlight. There is a kitchenette area big enough to have a small dining set next to the large window. The bedroom is also East facing & has large glass doors making the room bright...
Habita International Estates Ltd
530 000 €
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...
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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
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
811 500 €
Flat in Algarve, Portugal
106 sq.m21
Residence
This luxury 1 bedroom apartment is situated on the ground floor, with access to a covered terrace (16.73m2) and uncovered ofge access is also availableInserted in a development with a unique concept in the Algarve, consisting of 76 apartments, 31 non-tourist villas, 350 tourist units and the 5-star hotel, with 76 addition, it is complemented by...
Mercury Group
550 000 €
Flat in Algarve, Portugal
82 sq.m32
Residence
High standard beach resort, exclusively designed and tailored for discerning customers looking for personalizedaimed for its year-round Mediterranean climate, the Algarve is one of Europe's best beach destinations and a world-renowned golf residents from all over Europe, and activities 365 days a year, it is also one of the main regions of...
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895 000 €
House in Algarve, Portugal
210 sq.m65
Residence
Luxurious private villa with stunning views over the city of Albufeira, mountains and sea, with the Atlantic Ocean on thented to the south, the villa is served by excellent access, wide and tarred streets, wooded flowerbeds and is located a few minutes from the historic center and the beautiful beaches of the city of Albufeira, its Marina and...
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House in Algarve, Portugal
389 sq.m54
Residence
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Mercury Group
3 500 000 €
House in Algarve, Portugal
429 sq.m54
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...
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980 000 €
Flat in Algarve, Portugal
99 sq.m32
Residence
Designed to fit the natural amphitheatre of the golf course and the beach, each Signature Apartment enjoys views of the sea or the Alvor estuary, which can be enjoyed from the large covered and uncoveredting the colors and textures of the natural environment, the apartments with one, two and three bedrooms plus one, are fully furnished and...
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Flat in Algarve, Portugal
63 sq.m21
Residence
Designed to fit the natural amphitheatre of the golf course and the beach, each Signature Apartment enjoys views of the sea or the Alvor estuary, which can be enjoyed from the large covered and uncovered terraces. Adopting the colors and textures of the natural environment, the apartments with one, two and three bedrooms plus one, are fully...
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Flat in Algarve, Portugal
158 sq.m43
Residence
The Pine Cliffs Residence comprises 154 luxury apartments, in two- and three-bedroom typologies, located in the middle of a pine forest of immense scenic beauty suspended above the sea and next to the golf course of the Pine Cliffs luxurious development translates its own lifestyle, while benefiting from the services it provides through the...
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House in Algarve, Portugal
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Residence
Excellent detached villa, ideal to monetize, inserted in a plot with 1425m2, located in a quiet area of Albufeira and within walking distance of several beaches. The villa has been completely renovated and is divided into 3 individual apartments, a T3, a T1+1, a T1 and eight bedrooms all en villa also offers a pleasant leisure area that is next...
