Emergence of algebraic quasi-long-range order is a key feature of superfluid phase transitions at two dimensions. For this reduced dimensionality interactions prevent Bose-Einstein condensation with true long range order, at any finite temperature. Here, we report the occurence of algebraic order in a strongly interacting quantum liquid formed by dipolar excitons confined in a bilayer semiconductor heterostructure. We observe a transition from exponential to algebraic decay of the excitons temporal coherence, accompanied by a universal scaling behaviour of the equation of state. Our results provide strong evidence for a Berezinskii-Kosterlitz-Thouless (BKT) transition in a multi-component boson-like system governed by strong dipolar interactions.