It was between clients and partners that Engel & Völkers Lagos celebrated one more anniversary tooking the ocasion to share the 2nd edition of the “Lagos & Western Algarve – Property Guide” where is presented a market report focus specifficaly on the second home market in this area of the Algarve.
The year of 2017 was a fantastic year for Engel & Völkers Lagos and for the real estate market in Portugal, in general. According to the National Statistics Institute, the growth in the country was around 20%!
The market report, developed by ImoEconometrics (independent research and consultancy company) in colaboration with the Engel & Völkers Lagos team, confirms the consistent recovery of the market in this area of the Algarve, which started two years ago.
Prices have risen around 10%, however, despite this increase, the market prices are still aprox. 14% lower when compared with the pre-crisis values. It is expected that prices continue to grow in 2018 driven by low supply and growing demand from international buyers.
The difficulty of the buyers in finding new product has been stimulatin the rehabilitation of existing properties and also the sale of land with viability for construction.
During 2019 and 2020 an increase of new projects is expected, these projects should double the volume of construction registered in 2016/17, however the forecasted construction volume will still be low compared with the construction levels before crisis.
More about our Market Report, please find here: "Lagos & Western Algarve - Property Guide"