To be precise, there are 41,500 homes on the market, according to figures from real estate company Confidential Imobiliário/Lardocelar.com.

Statistics from the end of 2008 shows that Portimão tops the board, with 23 percent of the overall total on offer, followed by Albufeira, with 17 percent, and Loulé, with 14 percent.

Together these three regions represent more than half of the overall total of properties for sale in the Algarve.

The areas of Faro and Olhão possess a considerable number of homes for sale, together representing a further 20 percent of availability.

In terms of value by the end of last year properties in Portimão and Albufeira had increased favourably by 2.9 and 3 percent respectively, while Loulé showed a growth of 5.5 percent, though this has since slowed.

In the Algarve the average price for a property at the end of 2008 was €1,756 per square metre. By area, Albufeira is where a square metre is most expensive, costing an average €2,442, followed by Loulé, at €2,073.

At the opposite end of the spectrum are Portimão and Faro, where an average square metre will cost €1,904 and €1,590, respectively.