Second homes account for 45.5% of all Algarve residences, making it the region of Portugal with the highest number in this category of properties, according to data from the National Statistics Institute (INE), which based its study in the Census 2011 results.
The study shows that Castro Marim and Albufeira are the municipalities that register the highest number of second homes, with 64.4% and 57.5%, respectively.
At the opposite end of the ranking, the municipality of Faro stands out for having the biggest rate of residences lived in all-year round (81.9 percent), followed by Olhão (77,4%).
In terms of vacant properties in the region, 28% are for sale and 24% for rent. There is a majority of vacant homes for sale in Tavira and Lagos as opposed to Albufeira and Vila do Bispo, where most vacant properties are for rent.
Additionally, the study shows that the Algarve is the region with the highest average monthly rent (€290). Albufeira is the municipality with the highest rent of the region, reaching an average cost of €380, as opposed to Vila Real de Santo António, where the average price is around €176.
On a national level, out of the 5.1 million residences in the country, nearly 78% are lived in all-year round, leaving 22% as secondary homes.
