Home valuations hit new record in Portugal
Property prices attributed by banks in credit applications rose for the 11th consecutive month in July, reaching a new record of an average of €1,417 per square metre.
The valuation rate is the highest recorded since January 2011, when statistics first started to be collected by the National Statistics Institute (INE).
The average value of the bank assessment is based on surveys carried out by banks in the context of granting housing credit to families.
Taking into account these new values, a 100 square metre property will be valued by banks at €141,700 in national average terms, although it is important to note that these values do vary across the country.
Lisbon and Algarve most pricey
All regions of Portugal recorded increases in average bank valuations, with the Autonomous Region of the Azores having the most significant increase in relation to the previous month, with an increase of €20 to €1,050 per square metre.
The Lisbon Metropolitan Area and the Algarve are the regions with the highest ratings, rising by €13 to €1,883/square metre and €13 to €1,908/square metre, respectively.
In Madeira, the increase was €11 to €1,371 square metre, while the North (+€4 to €1,204), Centre (+€3 to €987) and the Alentejo (+€2 to €956) had the most moderate increases.
By housing typology, the average bank valuation of houses in the country rose by €7 to €1,129 per square metre, and apartments increased by €12 to €1,575 per square metre.
Source: The Portugal News
Published: September 1, 2022