Wealthy Americans Are Spiking Portugal’s Algarve Housing Market
Prices in the coastal Portuguese region are up 30% in the past year, brokers say, and the supply of high-end real estate is tight.
A seven-bedroom property for sale in Loulé, Portugal, for €13.5 million
Source: Sotheby’s International Realty, Vilamoura
The Algarve, the sunny southern coast of Portugal, is more popular than ever with visitors, and the region’s housing market is booming as a result. Real estate agency Savills says that in the past year, prices for prime properties in the Algarve have risen by more than 30%.
Agents say the tourism wave is pushing up purchases, especially by US buyers who are heading to the country in record numbers: over one million tourists from the US visited Portugal in the first half of 2024, nearly double the number of visitors in the same time period in 2022, according to the country’s national statistics agency.