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