Algarve and Madeira property prices buck downward trend

Wednesday, December 15, 2010

Algarve and Madeira property prices buck downward trend

Banks' valuations of residential properties in Madeira and Algarve increased in October, despite a general downturn in Portuguese property prices.

According to a survey by the National Statistics Institute (INE) into banks' property valuations, nearly all regions of Portugal recorded property price falls in October, with the exception of properties in Madeira and Algarve and Madeira, where prices appreciated by an average 0.8 percent and 0.4 percent, respectively, compared to the preceding month.

The Algarve and Madeira property markets have long appealed to Brits buying property in Portugal. Both Portuguese regions are easily accessible from the UK and have large British expat communities.

Overall, average banks' valuations of homes in Portugal fell in October by 0.6 per cent, compared to September, and by 1.3 per cent compared to the corresponding month last year, illustrating that people wanting to buy a property in Portugal can generally now buy homes for less.

According to a survey by the National Statistics Institute (INE), the average residential property in Portugal is priced at €1,133 (£961) per square metre.
The greatest Portugal property price falls have been recorded in the apartments sector.

To read our guide to buying a property in Portugal, click here.


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A Place In The Sun