You are right when you say that property is going up fast on the Algarve. But not in the East Algarve! There is still a lot of capital appreciation ahead for this region.
And it has the same climate as the West Algarve!
I have a Portuguese friend in the business, take a look at his site - Rentabilizar - Mediação Imobiliária, Lda.
Hope this helps, Mac.