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Housing Prices Reach New High

29 October 2018

The INE’s monthly survey of Portugal’s banks for the month of September showed an increase of nine euros compared to the previous month and 70 euros compared to last year.

The average value of bank valuations, which financial institutions conduct when home buyers are applying for mortgages, reached 1,205 euros per square meter in September. The report, which was released Monday by the National Statistics Institute, revealed that prices increased by nine euros compared to August and by 70 euros compared to September of last year.

According to the INE, the increase was more significant for flats than for houses. Compared with the previous month, the value per square meter for apartments increased by 12 euros to 1,264 euros, while the average valuation for houses rose by nine euros to 1,111 euros per square meter.

Year-on-year, the average increased reached 6.2% (70 euros per square meter), with apartments and houses rising by 6% and 5.7%, respectively.

The INE’s statistics show that the Algarve had the highest valuation per square meter for apartments (1,584 euros per square meter) and Alentejo had the lowest (1,029 euros per square meter).

Compared to August, the Autonomous Region of the Azores saw the highest increase (3.2%). The Autonomous Region of Madeira was the only region that saw a decrease (-2.8%). Year-on-year, the Algarve recorded the most significant growth (12.4%), and the Autonomous Region of the Azores had the lowest (1.1%).

Original Story: Público – Luísa Pinto

Photo: Paulo Pimenta

Translation: Richard Turner