The bank valuation of real estate in Portugal increased again in septemberafter the fall recorded in the previous month, which was the first since the beginning of the pandemic.According to data released by the National Statistics Institute (INE), the prices attributed to houses by banks for the purpose of granting housing credit increased by 15 euros to a median value of 1,429 euros per square meter, a new all-time high. It is a increase of 1.1% compared to the value observed in August (1,414 euros per square meter), and 15.6% compared to the same month last year. It should be remembered that, in August, the bank valuation dropped slightly compared to July, a chain decline that had not happened since March of 2020, a month marked by the first confinement in Portugal due to the Covid-19 pandemic.
Madeira leads climbs
Looking at the different areas of the country, it is possible to see that it was in Autonomous Region of Madeira that the bank valuation of houses rose the most in September, with a growth of 1.1% compared to the previous month. However, growth extended to all regions of the country, with the exception of the Autonomous Region of the Azores, where a drop of 0.6% was observed. comparison with September 2021 – the Autonomous Region of Madeira had the smallest increase, of 10.5%, while the Algarve, on the other hand, registered the biggest risewith the median value growing 17.8%. Read more: What mistakes should I avoid making when buying my first home?
T2 and T3 apartments widen the price difference
The bank valuation of apartments, which already exceeds that of houses by 455 euros per square meter, increased again in the month under analysis. The ascent was 0.9% compared to Augustraising the median value to 1,591 euros per square meterin the whole country. The rise was mainly motivated by the T2 apartmentswhose median rating increased 10 euros to 1,607 euros/m2. Us T3 apartments, on the contrary, the value dropped by 1 euro to 1,402 euros/m2. These two typologies accounted for 78.8% of the evaluations of apartments carried out in the period under analysis. The biggest increase compared to August was observed in the Autonomous Region of the Azores (3.2%) and the smallest in the North (0.3%). However, the highest values are registered in the Algarve (1,949 euros/m2) and in the Lisbon Metropolitan Area (1,888 euros/m2), while the lowest is observed in the Alentejo (1,024 euros/m2). compared to September last year, the bank appraisal of the apartments increased by 16.2%. In this comparison, the Autonomous Region of the Azores also stands out in terms of increases, with an increase of 27.2%, while the Autonomous Region of Madeira presented the lowest growth (7.3%).
Houses in Lisbon with the highest increase in bank valuation
As in the apartments, the bank valuation of homes grew 0.9% compared to the previous month to 1,136 euros per square meter. The increase extended to all typologies, but was more expressive in the case of houses with two bedrooms: the median value of T2 rose 38 euros to 1,118 euros/m2, while that of T3 rose 1 euro to 1,108 euros/m2 and that of T4 29 euros to 1,227 euros/m2.A Lisbon Metropolitan Areawhich is already the second region of the country with the highest value for housing (1,961 euros/m2), was also the one that presented the stronger growth compared to the previous month, with an increase of 1.8%. With a higher value only the Algarve, where the houses are valued by banks at 2,019 euros per square meter (median value). and 923 euros/m2, respectively. Read also: Rise of Euribor: is it the right time to repay home loans?