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INE Reports 7.7% Increase in Average Residential Bank Valuation Last Year
1 February 2021
According to data published by Portugal’s National Statistical Institute (INE), the average value of residential bank valuations reached 1,129 euros/m² in 2020, up by 7.7% year-on-year.
Bank valuations rose by 1,235 euros/m² and 949 euros/m² respectively in the case of flats (+8.8%) and houses (+5.6%).
The Lisbon Metropolitan Area and the North reported the most dynamic growth, 8.5% and 8.4%, respectively. The Alentejo saw the lowest year-on-year increase in the country (+1.7%). According to the INE, “there was a higher increase in the valuation for flats in the 1st quarter [of 2020] of (11.7% and 10.5%, respectively) in the Lisbon Metropolitan Area and the North than in the 3rd quarter (3.1% and 9.4%), reflecting a higher valuation in the lower value brackets. Also of note were homes in the Alentejo, where the 3rd quarter showed growth of 2.7%, with a reduction of 1.8% in the 1st quarter.”
The year ended in December with an average bank valuation of 1,156 euros/m², 12 euros more than in the previous month, equivalent to a 6% rise compared with December 2019.
Original Story: Vida Imobiliária – Ana Tavares
Translation: Richard Turner