Throughout the summer of 2024, the Algarve’s luxury real estate market has shown remarkable resilience, consistently outperforming key international markets such as the UK, North America, and the EU despite global economic uncertainties and geopolitical tensions.
According to the latest Property Market-Index report, the market has seen a 15% surge over the past year, fuelled mainly by international buyers seeking the region’s unique combination of luxury contemporary living and authentic Portuguese culture.
This growth solidifies the Algarve’s position as a leading luxury real estate investment destination for international buyers and expats in Portugal.
Quinta Heights, a luxury development in central Algarve, is set for completion in 2025. Positioned between Ferragudo and Carvoeiro, it stands out as one of the region’s top investment opportunities.
The development offers a range of amenities, including a yoga studio, gym, rooftop tapas bar, private stargazing observatory, mini vineyard, aromatic citrus and herb gardens, paddle courts, spa, and pools—designed to provide more than just a residence.
Pricing starts at €744,000 for a 93 m² two-bedroom apartment, with three-bedroom options at €1,116,000 for 121 m². One-bedroom apartments begin at €479,000, while four-bedroom penthouses reach €1,490,000.
At an average of €8,000 per square metre, Quinta Heights provides better value compared to similar properties in the neighbouring areas 30 minutes up the road in the Golden Triangle, where prices are often 50% to 100% higher.
Quinta Heights luxury new homes development in Ferragudo located in the Central Algarve appeals to investors and buyers alike, with stunning views of the Atlantic Ocean and Monchique Mountains. “The appeal of Quinta Heights lies not only in its luxury development, facilities, high-end specifications but also in its Ferragudo location,” says Amanda Collison of Property Market-Index. “It combines contemporary living with the authentic charm of the Central Algarve, enhanced by high-end amenities.”
In Vilamoura, The Creek, another luxury development set for completion in 2025, offers three-bedroom apartments of 143 m², starting at €2,700,000, or €18,881 per square metre—making it one of the Algarve’s most expensive new homes.
Demand still remains strong, driven in part by the proximity to golf courses and high-end amenities such as a sauna, gym, and pool. “Vilamoura has always been a top choice for luxury buyers, and The Creek raises the bar, but this comes with a significant price premium,” adds Collison.
For those seeking a balance between luxury and value, The Palms new homes development in Ferragudo, completed in 2016, offers three-bedroom apartments at €2,200,000 for 181.7 m² (€12,154 per square metre).
The Palms combines modern design with high-quality finishes, and its demand remains strong due to its desirable Central Algarve location and build quality.
Similarly, Lumare in Vilamoura, expected to be completed in 2027, offers three-bedroom apartments priced at €2,200,000 (€13,664 per square metre). Though Lumare offers fewer amenities than The Creek, its luxurious design and proximity to Vilamoura Marina and Faro Airport maintain its market value.
W Residences in Albufeira, completed in 2022, has two-bedroom apartments available at €1,450,000 for 82 m² (€17,683 per square metre), nearly double the price per square metre of Quinta Heights for similar specifications.
W Residences does include a spa, multiple restaurants, and 24-hour concierge services managed by Marriott, providing a premium lifestyle.
The Algarve’s luxury property market caters to various tastes and budgets, with each development offering unique features.
Steve Philp, spokesperson for Portugal Pathways, notes, “The shift towards Central Algarve is becoming more noticeable.
While the Golden Triangle remains attractive, many buyers are now drawn to developments in areas like Ferragudo, where they can experience authentic Portuguese culture alongside luxury living at better value.”
Portugal Pathways offers real estate investors and affluent buyers a no-obligation discovery call with experts to explore available opportunities in the Algarve.
Portugal’s property market continues to grow, with year-on-year value increases nearly double that of the capital growth being seen in Europe, the UK, and North America. This solidifies Portugal’s status as a top relocation destination for wealthy expats.
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