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More than 5000 foreigners sign on as Algarve residents in just 12 months

More than 5000 foreigners sign on as Algarve residents in just 12 months

In the space of a year, over 5000 foreigners have officially registered as ‘new residents’ in the Algarve.

It’s an indication of just how popular the region has become, says national tabloid Correio da Manhã – adding that the knock-on effect on the property market, particularly in ‘previously less than fashionable locations’, has been dramatic.

Olhão is one of the new ‘sought after’ destinations, undergoing an incredible ‘gentrification’ by Brits, French and Italians who have fallen in love with the downtown historic area known as “Bairro da Barreta”.

Prices have quite literally gone through the roof.

 

Read more in the Algarve Resident