Algarve is a wealthy region in Portugal
Algarve is a southern region of Portugal, situated on an Atlantic shore. It is also one of the wealthiest areas in the country, making the most money from tourism. In 2019 Algarve won the World Travel Award as Europe's leading beach destination.
Algarve's economy began to grow in 2015 after vast investments in infrastructure development. The renovation of the highway that connects Algarve to Lisbon and Porto, Portugal's biggest cities, played a crucial role in the economic recovery of the region, as Knight Frank reports. Repair of roads in Algarve itself and the expansion of the international airport in Faro also benefited Algarve's economy.
Algarve attracts golfers from all over Europe
After the renovation, foreign investors started to consider buying apartments in Algarve because of the long holiday season that lasts almost a whole year. Tourists rent apartments in Algarve for a couple of days to play golf because the region is famous for its golf courses. Hence apartments for sale and rent in Algarve are usually in high demand. Those who want to make profit from their foreign houses, buy apartments in Algarve and rent them out during the months they do not live there themselves.
Prices for apartments in Algarve start from €90,000
One can find plenty of options for flats and apartments for sale in Algarve. Prices depend on location and size of the property. However, even inexpensive flats in Algarve offer a high level of comfort. Often there is a swimming pool on the territory of residential complexes in Algarve. Besides, it is a coastal region so one can easily access the beach from every apartment in Algarve – either by foot or by car. Additionally, flats in Algarve often include a terrace or a balcony. One-bedroom apartments for sale in Algarve start at €90,000; two-bedroom apartments cost at least €125,000.