April 30, 2006
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.
“The buying power index registered for the Algarve is superior to the national average,” said regional economic director Mendonca Pinto.
The market is set to receive another boost with the launch of a new two-month promotional campaign in the UK by the Algarve Tourism Association. The multi-million pound “Feel the Energy” campaign will target national and local newspapers and various airports in an attempt to draw more high-end visitors to Portugal’s top tourist destination.
Posted on: Portugal
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