How long does it take between a property going on the market and actually being sold? Well in the Algarve, just seven days, according to the latest figures.
Recent data published by property platform idealista reveals the extraordinary speed of sales in key Portuguese regions. In September, approximately 12% of homes for sale were snapped up in less than seven days, classified as an “express sale”.
However, the data shows that the speed of the Algarve market is particularly notable, with its capital of Faro leading this rapid market with a remarkable 21% of properties sold in under one week.
By comparison, Porto and Lisbon registered “express sales” of only 10% and 6%, respectively. The were followed by Évora (15%) and Santarém (14%). Other fast-moving markets included Funchal (13%), Aveiro (12%) and Coimbra (12%).
The lowest rates were recorded in Beja (5%), Guarda (5%) and Bragança (4%), with Portalegre registering none.
Overall, 21% of properties in Portugal sold within one week to one month, 26% within one to three months, 35% within three months to a year, and only 6% remained on the market for over a year.
The message is clear: the Algarve is a seller’s market where well-priced properties do not last, making this a potentially optimal time to list your property. For the same reason, the competition is fierce for potential homebuyers, and speed is paramount.
A knowledgeable local real estate agent like Algarve Home Sales can offer the crucial edge by providing immediate access to new listings and the rapid advice needed to submit a successful offer before the property disappears from the market. Get in touch for expert advice!