Algarve prices highest in Portugal

Data released this week by the Portuguese National Institute of Statistics has revealed that property prices on the Algarve are the highest in the country. The average price of Algarve property reached €1,481 (£1,001) per square meter the previous month, compared with the national average of €1,225 (£829) per square meter.

The Institute’s figures comes as a little surprise to industry analysts, who point to its high proportion of affluent foreign buyers as the major force behind the Algarve’s strong property market.

Posted on: Portugal

Portimao set for huge development

The city of Portimao on the Algarve is set to enjoy a €100 million (£68 million) residential and commercial development after the city authorities launched a public tender last week. A 27-acre site owned by the city in Barranco do Rodrigo will be the location for a new sports complex, mall, football stadium, and large-scale residential development, according to reports in the local press.

The tender proposes that the winning consortium be given the land in question for free, on a condition that the afore-mentioned facilities should be built. The developers will then be able to recoup their costs and gain profits from the sale of residential property. Local English-language newspaper The Resident announced that three companies are currently competing for the contract, including Portuguese and Brazilian firms. Construction is expected to begin next spring.

Posted on: Portugal

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