Beautiful landscapes, world-class golf resorts and a Mediterranean climate – these are just a few things that draw people from all over the world to the Algarve in southern Portugal.
For Canadians or Americans, the Algarve offers an entirely different lifestyle. They can enjoy European food, culture, shopping and a laidback lifestyle. That’s why it’s so popular with US and Canadian citizens – celebrities included. In the last 10 years, the number of North Americans living in Portugal has more than tripled.
But what makes the Algarve so attractive to international buyers?
An intro to the Algarve
The Algarve spans from Vila Real near the Spanish/Portugal border to Sagres in the east. The Algarve has a longstanding relationship with many states including most of Europe and North America, as it was once an international hub for wealthy vacationers to gather in the summer seasons.
English is widely spoken in the Algarve, by the Portuguese and expats, who come from all four corners of the world to enjoy the beauty of Faro district.
There’s also so much to do in the Algarve, that’s why it’s becoming more and more popular for retirees to enjoy an outdoorsy lifestyle. They can easily spend the day swanning between the beach, golf resort and enjoy the local cuisine or, if they’re feeling more spirited, the Algarve has a range of superb hiking trails along the coast.
According to Global Property Guide, the average property price per square metre in the Algarve was $2,178 in November 2023, compared to US$5,530 in the USA and $4,632 in Canada.
Looking at those stats, it’s no wonder North Americans are flocking to the Algarve like birds! Properties in the Algarve are extremely diverse, depending on your budget.
If you’re unsure on your budget, or how much your dollars are worth in euros, speak to Smart Currency today.
There’s a huge market for luxury properties, if you have money to spend. Quinta Do Lago is a stunning town in the Algarve’s Golden Triangle. It’s a secluded, quiet resort close to the beaches, lagoons and championship golf courses.
If you have a budget of up to €500,000, Algarve properties vary in style. While Canadians might be used to townhouses or detached homes, Portugal’s property market is extremely diverse. Depending on what you’re looking for, you can find apartments overlooking the beach, townhouses a short walk from local amenities and detached villas that offer a little more privacy.
First-rate beaches and 300 days of sun
Due to the Algarve’s location, the region enjoys a sub-tropical climate and averages around 300-320 days of sun each year. Quite the change for Canadians from the Prairie provinces!
The weather is a huge selling point to buying property in the Algarve – especially to those from areas in Canada or the US where weather dramatically changes from season to season.
One of the best places to enjoy the beautiful Mediterranean climate in the Algarve is, of course, on one of its 83 Blue Flag beaches. If you’re not familiar with the Blue Flag accreditation, it is an award given to top-notch beaches that have to meet a series of stringent environmental, safety and accessibility requirements.