Number of Licensed Homes at Six-Year High

9 March 2018

The number of new homes that were licensed in 2017 grew 22.6% to 13,918, the highest figure in six years. The number of permits issued by Portugal’s municipal councils for the construction and rehabilitation of residential buildings also increased 14.7% to 11,825, according to data from the Association of Civil Construction and Public Works Industries (AICCOPN).

Following the same trend, the consumption of cement in the Portuguese national market increased by 13.2% year-on-year, “the highest level since 2012,” AICCOPN revealed.

According to the statistical summary of housing, the stock of loans granted by financial institutions to companies in the construction and real estate sector fell by 1.9% year-on-year. Likewise, the outstanding stock of loans to individuals decreased by 1.4%, to a total of 93.216 billion euros. New loans for the acquisition of housing saw a substantial increase of 42.6%, reaching 8.259 billion euros.

The average value of bank valuations of residential properties within the scope of loan applications, there was an increase of 4.5% in year-on-year terms in December 2017, to €1,150 per square meter. For flats, the value stood at 1,200 euros/m2, an increase of 5% in year-on-year terms. For houses, the average value of bank assessment stood at 1,067 euros, an increase of 4% compared to December 2016.

Original Story: Idealista

Photo: Joseph Gonzalez / Unsplash

Translation: Richard Turner