I know of 3 properties that were sold last week all would have been around 30% lower than the original purchase price 5-6 years ago.
A contact completed on 4 apartments in June again in this band.
The problem with the Algarve and no doubt Spain that there are those who must sell. those who would like to and those who if the right offer came along would consider it.
This distorts the market and confuses the prospective buyer who is often
dissapointed at the location and condition of the " cheap " properties that attracted them in the first place.
Quality always does and will attract a premium something that all the various articles commenting on the dire state in PT and Spain often forget to mention.
Basically you get what you pay for.

I'm also 30% down on my property in the Aljezur area, bought in early 2008.
And that doesn't count hundreds of hours of my own [skilled] labor that went into the place, just the actual cash spent.
But don't forget, most property in the developed world lost value over the same period. Maybe 15 or 20%.
If only I'd bought property in Paris or London instead...