Residential Home Valuations by Banks Reach New High

28 February 2020 Residential valuations performed by banks in Portugal for the sake of evaluating the potential concession of mortgages rose for the 34th consecutive month to a new high. According to the National Statistics Institute (INE), the average value per square meter of homes throughout the country reached 1,330 euros in January.

Property values rose by 0.7% between December and January, with a yearly rise of 8.5%, equivalent to 104 euros. The new high of €1,330 represents a peak since the statistical agency began tracking the data in 2008.

Residential bank valuations rose in almost every region of Portugal. The Alentejo registered the most significant month-to-month increase (+1.2%), though the average price per square meter is still the lowest in the country (1,088 euros/m2). The Autonomous Region of Madeira, saw the only decline, falling 0.1% to 1,411 euros/m2.

Original Story: Economia Online – Catarina Melo

Translation/Summary: Richard D. Turner