Updated: April 15, 2024

 

The Algarve is one of the most popular spots for expats who are considering purchasing properties in Portugal. Just a two hour commute from the Portuguese capital of Lisbon, the Algarve area has great potential whether you are looking for a holiday home, a profitable investment, or are looking to settle permanently in Portugal. Expats who consider moving to Portugal often choose the south of the country.  It has unrivaled natural beauty and year-round sunshine. If you’re considering purchasing real estate in this region, in this article, we will guide you on why you may need a real estate agent in Algarve and how to find a good real estate agent who will help you find the perfect property in Portugal.

Exploring the Real Estate Market in Algarve, Portugal

algarve real estate

Algarve real estate is highly popular with both Portuguese people and expats from all over the world, and it is no secret that many expats choose to invest in property here.

It is a unique region of Portugal, lined with golden sandy beaches and stunning rock formations. Some of the best beaches include Praia da Rocha close to Portimão, and Meia Praia in Lagos, while the Ria Formosa Natural Park, close to Tavira, is one of the highlights of Portugal. 

Realty on the region’s coveted coastline is largely popular because of the weather, the beach, great seafood, and world-class golfing courses, such as those found at Vila Sol.

Below, we will explore the average asking price for property in the Algarve.

Property Prices in Algarve, Portugal

Potential buyers will have access to a great selection of residential properties and commercial properties selling in the Algarve. In the central Algarve, you will find luxury properties that come with a private pool and high levels of luxury. You can find excellent properties located in the Golden Triangle of Quinta do Lago, Vale do Lobo, and Vilamoura, which have been a top choice for many years.

Located in Western Algarve, you have Lagos, which is also an in-demand location. Further west, Sagres (Vila Do Bispo municipality) tends to be more affordable. In the Eastern Algarve, you can find a more affordable villa, apartments and townhouses offering an “authentic” side of Algarve, Portugal. You can also find a real estate agent in Lagos to assist you if you are considering investing there.

In addition to location and amenities, the price of the apartment or villa on sale is one of the most crucial factors to consider. The Algarve region is known for luxury real estate, but it is possible to find an apartment, villas, townhouses, and even a condominium near the beach featuring a bedroom offering spectacular views of the coastline and nearby marina listed at affordable prices.

In the table below, we have provided you with a comprehensive overview of the average property prices per square meter for property in different locations across Algarve, Portugal, in 2023.

Municipality

Average asking price (€/m2)

Albufeira

€3,635

Alcoutim

€1,276

Aljezur

€3,346

Castro Marim

€6,151

Faro

€3,519

Lagoa

€3,800

Lagos

€4,476

Loulé

€5,191

Monchique

€2,530

Olhão

€3,395

Portimão

€3,119

São Brás de Alportel

€2,357

Silves

€3,126

Tavira

€3,309

Vila do Bispo

€4,298

Vila Real de Santo António

€3,343

Why do you need a real estate agent?

Knowing how to buy Algarve real estate in Portugal is not simple, and the process will involve a lot of research, especially if you’re living abroad.

The real estate industry in the Algarve has evolved in the last couple of decades, and realty professionals can help you secure a dream property that matches your budget.

There are a number of boutique real estate firms in Algarve with professionals who can cater to each client’s unique realty needs. Options range from villa specialists in Algarve real estate and historic property realtors in Algarve to family home real estate services in Algarve and even eco-friendly homes real estate agents in Algarve.

Market expertise

Dealing with a top real estate agent in Algarve will cost you a little bit more than handling it yourself, but it will grant you greater efficiency and high-quality service if you get an experienced team of professionals. With the help of a real estate agency, top-rated realtors in Algarve for ex-pats, and internationally experienced buyer’s agents like Goldcrest, you will have access to exclusive listings, in-person viewings and benefit from their native knowledge about the region from Western Algarve to Central Algarve.

Navigating legal and financial processes

Real estate services generally include real estate legal advice in Algarve. The property professionals you choose to work with will be your trusted go-to throughout the buying process helping you make an informed decision on the best investment option for you. Services should include assistance with the legal paperwork and financial transactions related to your property, and more including:

  • Finalizing of legal paperwork related to the property
  • Liaising with real estate lawyers, the seller, etc.
  • Completing property checks to ensure there is no debt attached
  • Checking that the property was built legally
  • Background checks on the owner/s of the property is/are and whether they have the right to sell it
  • Drawing up and signing purchase contracts

Personalized property matching

A real estate agency or buyer’s agent with extensive experience in the Algarve will have an updated database of the property market and give you access to exclusive properties and in-person viewings. Plus, if you’re planning to buy a property and rent it out, the real estate service will save you a lot of hassle and help you find the perfect property for investment and rental clients.

How to Find the Best Real Estate Agent in Algarve, Portugal

The process of searching for the proper Algarve home in the Algarve may require a lot of searching and be quite time-intensive if you’re doing it on your own. This reality highlights the many other benefits that come with dealing with a professional real estate agency in the Algarve. Below, we share a few tips for finding the best estate agents in Algarve, Portugal.

Identify your real estate needs

Create a checklist so that you can be clear about your unique needs when you make contact with potential property professionals. Consider things like:

  • Whether you prefer an apartment in the city or villas by the beach 
  • What your budget is
  • Where you want the property to be located, whether in Lagos or Vila Sol
  • Whether you need a one-bedroom place or a space big enough for a family
  • Proximity to amenities and the capital of Lisbon
  • Searching for affordable property brokers in Algarve

Searching for affordable property brokers in Algarve

The real estate market in Portugal is fragmented, and there is nowhere you will find all the listings in one place. You can begin your search for local real estate-specific websites, of which there are many Algarve property search services. A quick search for “realtors Algarve” will provide you with information on what you can expect from real estate agents in the Algarve. Look for local real estate agencies or firms with good reviews and a strong presence in the Algarve region. You could also ask for recommendations from friends, family, or acquaintances who have experience with real estate transactions in the Algarve and check on online expat groups and forums. A great way of making contact with potential property partners is by attending local real estate events or open houses to meet and network with agents in the area.

How to evaluate potential property partners

A real estate agent in Portugal can be helpful here. They serve as your guide, simplifying legal complexities while ensuring clear communication. Realtors can also connect you with real estate lawyers so that all aspects of your property transaction are understood and properly managed. Ensure that they have in-depth knowledge of the real estate market and have worked with clients that had similar requirements to yours. You could use this checklist to systematically evaluate critical criteria to help you make an informed decision when hiring a real estate agent or company and even create your own.

Criteria

Evaluation

Language Proficiency

Do they speak English?

Experience with International Buyers

Can they provide project data proving experience?

Property Market Insight

Do they have an exceptional understanding of the Portuguese real estate market to provide expert investment advice and services?

Focus on Real Estate in Portugal

Is their service focused on real estate in Portugal?

Track Record of Excellence and Communication

Do they maintain contact and have a track record of excellence?

Business Credentials

Do they have business credentials to share with clients?

AMI License Number

Do they have an AMI license number?

Alignment of Company Values

Do their company values align with your interests?

The Difference between Real Estate Agents and Buyer’s Agents

Having the services of real estate agents is a valuable asset, but you should know that they will work on behalf of the seller and will get a higher commission for a bigger sale. Algarve real estate agent commission rates will vary depending on the purchase price. Buyer agents, such as Goldcrest, do not sell real estate. A buyer’s agent works solely on behalf of the buyer, which is a significant advantage. They also help buyers throughout the process, from searching for properties to real estate acquisitions. Take a look at the comprehensive guideline below showcasing each option’s advantages and potential drawbacks.

Factors

Real Estate Agent

Buyer's Agent

Work Scope

Facilitates transactions for various parties

Exclusively works for the buyer throughout the process

Search & Selection Assistance

May present options, but not solely focused on buyer's needs

Focuses on finding options that suit the buyer best

Representation

Represents the seller's interests primarily

Solely represents the buyer's interests

Conducting Legal Checks

May overlook some legal checks for buyer's benefit

Ensures thorough legal checks for buyer's protection

Language Assistance

Language proficiency may vary

Proficient in the buyer's language

Negotiation

Represents seller's interests in negotiation

Negotiates exclusively for buyer's benefit

Documentation Handling

May not prioritize all necessary documentation

Ensures all required documentation is in order

Time and Cost Savings

May not optimize for time and cost efficiency

Saves time and money by focusing on buyer's needs

Commission

Earns higher commission for higher sale prices

Does not earn based on sale price, focused on buyer

Goldcrest: Who We Are and How Can We Help You

At Goldcrest, we’re a buyer’s agent who works solely on behalf of you as a buyer, giving you exclusive advantages and helping you find the perfect home or investment tailored to your needs. We strive to find the ideal property or perfect investment opportunity for each of our clients and serve as a one stop shop to ensure all your real estate questions are answered. 

Our experienced team works diligently to ensure the correct steps have been carried out, providing you with a high-quality service and safeguarding you from poor property investments. We have in depth knowledge of the region and a clear understanding of the latest Algarve real estate market trends, having established extensive connections across the country, providing you with access to an exclusive list of properties and investment routes. Should you be looking to property management services, we can also assist with this. 

Get in touch now, and let’s kickstart the process to help you find what you are looking for.

Frequently Asked Questions about Finding a Real Estate Agent in Algarve:

What does a real estate agent do?

Real estate agents in the Algarve provide insights and knowledge about property purchases in the region. These professionals can help clients secure the best deals, bridge language barriers, and negotiate prices. Note that real estate agents in Algarve Portugal will work on behalf of the seller and secure a higher commission for a higher sale. This is why working with a buyer’s agent can be the best course of action. They work solely on behalf of the buyer, ensuring you find the best property at the best possible price.

The most credible real estate license is the AMI license issued by IMPIC. This license enables real estate agents to lawfully conduct business in Portugal.

Verifying a real estate agent’s credentials involves visiting the IMPIC website and checking out an AMI number link. Input the number and review the results. When you see the agency’s confirmation of registration and displayed license numbers, you will be sure that their services are verified.

Although not uniform across the Algarve region, property prices are generally rising across the region.

The Algarve region is a popular choice for a holiday home and also offers an excellent property investment opportunity. With many property types, you should be able to find your ideal property in the region. With plenty of low-cost airlines offering flights to Algarve’s Faro International Airport and flight times of just a few hours from most of Europe, the Algarve is easily accessible. 

The best places to buy and invest in real estate in the Algarve area are: Quinta do Lago, Vilamoura, Vale do Lobo, Loule, Albufeira, Almancil, Quarteira, Alvor, Portimao, Lagos, Carvoeiro, Vila do Bispo, Tavira, Olhao

There are many investment opportunities in the Algarve, and Albufeira is certainly a good location to consider. Albufeira, in the Central Algarve, is known for its beautiful beaches, old town, and golf courses. Albufeira really does have something for everyone. 

Algarve real estate agent commission rates will vary depending on the purchase price, but the agent will generally receive between 3 and 5 percent of the property price in commission. Real estate agents may represent both sellers and buyers, potentially earning a higher commission from a higher sale price. Conversely, buyer’s agents are dedicated exclusively to the interests of the buyer, eliminating any conflict of interest.

The best place to buy property in the Algarve will depend on what you are looking for. The Central Algarve is perhaps the most popular, where you’ll find the famous Golden Triangle of Quinta do Lago, Vale do Lobo, and Vilamoura, where you’ll find an array of luxury properties. The cities of Albufeira, Portimão, and Faro are also good options to consider.

If you would like to buy property close to the beach, the Algarve has a wide array of options, from houses close to Praia da Rocha in Portimão to properties near Praia de Ancao in Quinta do Lago. Golf enthusiasts will also find world-class golf courses, while those who prefer watersport activities will be spoilt for choice.

Algarve estate agents offer a range of services, including property sales, rentals, property management, and legal assistance. They specialize in residential and commercial properties, providing comprehensive support to clients navigating the vibrant real estate market of the Algarve region. Working with a real estate professional will provide you with insights into the local real estate market, helping you find your dream property.

To find the best real estate agent in the Algarve, consider factors such as experience, local knowledge, client reviews, and specialization in your desired property type. Research online, seek recommendations from locals or expats, and schedule consultations to assess compatibility and expertize.