Algarve in the top 10 of most expensive streets in Portugal
Algarve has long ago settled itself among the hottest real estate areas in Portugal and a recent indicator, once again, comes to reinforce this idea. The property portal Idealista has published a list of the ten most expensive streets in the country. The Algarve is “represented” by Loteamento Fonte Santa, in Quarteira, and Vale do Lobo.
The first and second places on the list are held by Lisbon. In Rua do Salitre, right in the historic city centre, the average cost of a property is around €2.9 million. Third place was awarded to Loteamento Fonte Santa, with €2.4 million as an average price. Vale do Lobo is the 10th, with an average of €1,5 million.
Algarve: quality tourism and real estate investment
Algarve is not exactly a new destination for tourists from Britain and all Europe, neither for real estate investors. The region celebrated last year the 50th anniversary of the Penina Golf Couse, designed by late Sir Henry Cotton, a big fan of the year-round golf conditions of the southern Portuguese region. Just a year before had opened the Faro Airport, and then the international trend started.
Up until today, Faro is the only important international airport in mainland Portugal apart from Lisbon and Oporto, which clearly demonstrates the economic relevance of tourism in Algarve. It’s not a coincidence that only Lisbon, Oporto and Algarve make this top-10 list.
The achievement of having 2 of the ten most expensive streets of the country also points towards the high-quality profile of the region. Unlike other tourist areas across Europe (notably in Spain), “The West” (the original meaning of the word “Algarve”, of Arabic origins) has kept a high-quality profile. First as a tourist destination, and then – and as a consequence – as a real estate destination.
Algarve as a quality destination is a real political issue in Portugal. Pressure from grassroots movements has contributed to this goal. Environmental groups and some political parties have long complained about deregulated developments and wild trends in urbanisation and construction. Although some straps of Algarve have been “lost” to massive urbanisation, most of the region was able to preserve its natural, unique feel.
Moreover, civil society is currently tackling, successfully, the effort from economic groups to start offshore drilling for oil, in Algarve. Projects are rejected as they’re considered to be a threat both to the environment and to the quality of the region as a tourist destination.
The political consensus in the Portuguese society about the strategic importance of Algarve, and the ability to make decisions about it is also an important factor of improvement and valorisation of the local real estate market.