Residential Bank Valuations Reaches New High: €1,212

30 November 2018

The average value of residential bank valuations in Portugal is continuing to rise at a steady pace, reaching new highs. The price of housing, per square meter (m2), rose for the 19th consecutive month in October, settling at 1,212 euros. Year-on-year, the increase reached 6.2%, or around 71 euros, according to the latest data from the National Statistics Institute (INE).

“Average bank valuations, performed in conjunction with residential loan applications, reached 1,212 euros per m2, up seven euros since the end of September,” the INE reported. The average valuation had already surpassed 1,200 euros in September. In October, compared to the same period last year, “average valuations increased by 71 euros (+6.2%).”

The average price of flats rose by 13 euros to 1,277 euros per m2 in October. The price of houses, however, fell by one euro to 1,110 euros.

“At the regional level, the highest increase in housing was seen in the Algarve (1.2%), with decreases in the Autonomous Region of Madeira (-0.1%) and the Azores (-0.2 %),” the INE stated, stressing the continued strength in the Algarve. “The highest year-on-year rate of change for all the assessments was in the Algarve (9.4%) and the lowest in Madeira (3.7%).”

The Algarve also has the highest prices per square meter in ​​the country (1,586 euros), followed by the Metropolitan Area of ​​Lisbon with an average valuation of 1,483 euros.

Original Story: Idealista

Photo: Kinga Cichewicz / Unsplash

Translation: Richard Turner