Demand for properties increased during the first seven months of the year, with July registering significant growth, with an 85% increase in demand for housing, compared to the months of the last quarter of 2023. And there are three municipalities that stand out.

“Demand is more pronounced in the municipalities of the westernmost part of the Algarve, compared to those integrated in the eastern Algarve. Portimão, Loulé and Albufeira are the municipalities with the highest demand”, reveals Remax.

Data collected by the real estate agency, relating to the first seven months of 2024, show that, by municipality, Portimão, in the western Algarve, was the most sought-after municipality (19.3%). Loulé, another municipality that stood out, came in second place in the overall property market (15.4%), followed by Albufeira (14.3%) which occupies third place.

The municipalities of Faro (11.8%) and Tavira (7%) round out the top 5 in terms of demand. On the other hand, Monchique, in the western part of the country, and São Brás de Alportel, in the eastern part of the country, are the ones that register the lowest demand, “which can be explained by the fact that they are among the few municipalities in the Algarve that do not have direct access to the sea and beaches”, the statement reads.

The analysis of the most sought-after types of properties reveals that, with regard to apartments, the smallest types (T0 to T2) are the most sought after. In the two most populous municipalities, Loulé and Faro respectively, T1 apartments are the ones that register the highest demand.

“The continued increase in demand for property in the Algarve, particularly for home purchases, underlines the region’s attractiveness as a destination not only for tourism but also for permanent residence. It is this combination of a unique natural environment, excellent quality of life and investment opportunities that make the Algarve a preferred choice for many investors, both national and international,” highlights the CEO of Remax Portugal, Beatriz Rubio.