Buoyed by the allure of regions like the Algarve, Portugal's real estate market remains a beacon of opportunity in an otherwise uncertain global landscape, according to new data from Eurostat.

The latest figures from the House Price Index, released earlier in April, show that there has been a decline in the European property market. Yet Portugal continues to defy continental trends, proving its continued resilience and expansion.

In the last quarter of 2023, Portugal experienced the fifth-highest increase in house prices across the European Union. While property prices in Europe declined by 1.1%, with sharp drops in countries such as Luxembourg and Germany, Portugal experienced a 7.8% rise year-on-year.

Notably, the Algarve stands out as a hotspot within the real estate sector. But it wasn't only in house prices where Portugal led the way; rental markets in the country also saw this upward trend.

In 2023, rental prices in Portugal increased by 5% on average, almost double the EU average. The figures mirror the robust demand observed in the real estate sector and reflect Portugal's enduring appeal to overseas investors and residents alike.

Looking for more information on the Algarve's property market? Speak to the experts. Algarve Home Sales is on hand to help.