In the district of Faro, buying a house costs an average of €621,543, making this one of the most expensive districts in the country

Imovirtual has released its barometer regarding the evolution of average advertised rental and sales prices in the district of Faro. The data refers to the comparison of October, this year, with the same period in October 2022.

Renting a property

In relation to the average value of properties for rent, there is an increase in the average rent of +38%, making it 463 euros more expensive, when compared to the same period last year. Since the beginning of the year, there has been a slight stabilization of average values, however, in October there was an increase (+7%), now standing at 1,696 euros.

As far as the district of Faro is concerned, renting a house costs, on average, 1,396 euros, an increase of 37% compared to October 2022.

Loulé (+96%) was the municipality that recorded the biggest increase in the rental price of houses, compared to October 2022, where values rose from €1,129 to €2,208, thus reaching the level of two thousand euros, per month. Followed by Lagoa (+77%, from €977 to €1,733), Albufeira (+42%, from €1,109 to €1,577), Lagos (+38% from €1,123 to €1,547).

Silves (€783), Tavira (€959), Vila Real de Santo António (€967) and Portimão (€979) stand out as the cheapest municipalities to rent a house in October. The most expensive were Loulé (€2,208), Lagoa (€1,733), Olhão (€1,692) and Albufeira (€1,577).

Buying a property

Nationally, buying a house costs around €40,754 more than in October last year, now standing at €437,970. Compared to the same period in 2022, which recorded an average sale value of €397,215, there is an increase of +10%, with houses becoming forty thousand euros more expensive.

Focusing on the district of Faro, buying a house costs, on average, 621,543 euros, making this one of the most expensive districts in the country. However, when compared to October 2022, there was an increase of 8%, in line with national growth.

The municipality that recorded the biggest increase in the average house price, compared to October 2022, was Vila do Bispo (+33%), where values rose from €652,250 to €865,636. Followed by Lagoa (+27%, €569,553 to €725,798.), Portimão (+17%, from €376,130 to €441,797) and Albufeira (+12%, from €618,979 to €691,623).

Vila Real de Santo António (-18%, from €544,666 to €447,342), Monchique (-17%, from €525,785 to €436,546), Aljezur (-6%, from €606,077 to €570,719 €), Silves (-4%, from €456,187 to €439,384), and Castro Marim (-2%, from €501,012 to €492,653) are the only municipalities that, compared to October last year, registered a drop in the average sales price.

Alcoutim (€191,409), Monchique (€436,546), Silves (€439,384) and Portimão (€441,797) stand out as the cheapest municipalities to buy a house in October. The most expensive were Loulé (€939,615), Vila do Bispo (€865,636), Lagos €818,407), Lagoa (€725,798) and Albufeira (€691,623).