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Residential Bank Valuations Reach One-Year High in October
28 November 2017
Residential bank valuations reached a peak for the last 12 months in October, 1,141 euros per square meter.
The average bank valuation for the whole of Portugal stood at 1,141 euros per square meter (sqm) in October, an increase of six euros, or 0.5%, compared to the previous September and 5.6% above October of last year, the National Statistics Institute (INE) reported on Tuesday.
With regards to apartments, the average value of bank valuations stayed flat in October, compared to September, with a price of 1,192 euros/sqm. The autonomous regions had the most significant increase, with prices in Madeira rising by 1.8%, and the sharpest decline, with valuations in the Azores down by 3.4%. There was also a notable decrease in the Lisbon Metropolitan Area (-0.2%).
However, compared to October last year, the average appraisal of apartments increased by 6%. The Autonomous Region of Madeira (9.4%), the Algarve (7.2%) and the Centre region (7.1%) recorded the highest growth rates.
The average valuation for two-bedroom apartments was 1,199 euros/sqm, an increase of three euros since September.
Three-bedroom apartments showed a decrease of one euro, with the average value down to 1,120 euros/sqm.
On the other hand, the average bank valuation of houses delivered a monthly increase of 1%, coming in at €1,062/sqm, an increase of 11 euros in October, and the price of homes rose by 5.1% y-o-y.
When compared to September, three-bedroom houses increased by eight euros in October to 1,042 euros/sqm, while four-bedroom homes increased by 17 euros to 1,072 euros/sqm.
Original Story: Público / Lusa
Photo: Diogo Baptista
Translation: Richard Turner