Albufeira restaurant reviews often mention Bife à Portuguesa, a beef tenderloin with smoked ham and French fries in a clay pot (it's one of the most delicious Portuguese dishes!).
Try this and many other authentic and author's dishes at Eurasia, Atrium, Casa da Fonte. At Infante, you can order picanha, or Brazilian-style meat. Picanha is a special triangular-shaped part of the bull's carcass with a thin layer of fat on one side. This meat is cut into strips and baked over a fire, then served with tropical fruits. Granfinus Restaurant Bar & Terrace is famous for its octopus salad, grilled sardines with lettuce and potatoes.
Prices in Albufeira's restaurants are relatively low. A dinner for two with wine costs 25-35 EUR. In touristy places - a little more expensive, for example, in Os Arcos Restaurante, in the center of Albufeira, dinner for two with wine costs 50 EUR. There are exceptions, though. For example, Dom Carlos restaurant offers a 5-course dinner for 49 EUR per person. It is a small, family-type restaurant (only 10 tables, so you need to book in advance).