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Sun-Seeking US Buyers Send Home Prices Surging on Portugal Coast
The market has been hot for more than a year, but shows no sign of slowing down as the strong dollar draws wealthy home hunters.
Beachgoers relax on Oura Beach in Albufeira, Portugal, on May 29, 2021.
Photographer: Jose Sarmento Matos/BloombergThis article is for subscribers only.
The property market on Portugal’s southern coast was already hot. Then the Americans showed up.
More people from the US have been buying homes in the Algarve region this year, driving up demand for the limited supply of seaside villas in the once quiet area. That’s pushed prices to unheard-of levels, with two properties listed on local real estate sites for more than 40 million euros ($40 million).