House sales in resorts up 20% in 2021

 In News, Resorts

The number of residential properties transacted in resorts skyrocketed by 70% in 2021 compared to 2020.

In fact, the numbers of sales have already exceeded those in the pre-pandemic year 2019 by 30% while the price of properties in resorts has gone up by 16% on average.
This is according to the latest six-monthly report from the ‘Portuguese Resorts Market Report’ produced by Confidential Imobiliário in partnership with the Portuguese Residential Tourism and Resorts Association’ which also reveals that 2021 was a year of strong growth in the Portuguese resorts market, reflecting an improvement in the market as the world emerges from the pandemic and the conclusive and definite departure of the UK from the EU. (Brexit)
The price of properties integrated in resorts has soared by 16% according to the index of Resort Prices in what is one of the most expressive since 2016, only exceeded by the growth of 18.3% posted at the end of 2018, the year in which the Brexit agreement was reached, putting an end to strong uncertainty.
Prices for this kind of residential property have shown a pattern of recovery for 18 months and even during the latest period of lockdown (1st half of 2021) when they rose by 8.6% like-for-like.
Growth in sales continued in the second half of 2021 which enjoyed the highest ever increase in prices at 13%.
Along with higher prices, demand for resort integrated properties also soared by 70% on 2020, exceeding the +30% seen in 2019.
Sales were particularly buoyant along the Albufeira-Loulé axis which has 51% of the national market and where activity levels more than doubled on 2020 in addition to being 70% above sales in 2019.
In 2021, the average sale price for a resort property was €4,205/m2, the highest price being along the Albufeira-Loulé with average sales at €4,848/m2.