Banking evaluation of houses renews 2011 peaks

  • ECO News
  • 27 October 2017

Each square meter in Portugal costs an average of 1,135 euros, the highest amount since June of 2011. Banking evaluation of houses has been increasing for six consecutive months.

Banking evaluation of houses continues increasing. In September, for the sixth consecutive month, each square meter in Portugal got more expensive: it was assessed in 1,135 euros, 13 euros more than in August and the highest amount since 2011. The data were disclosed this Friday by Statistics Portugal (INE).

Housing prices have been updating their maximum amount since March of 2017, and have now registered levels from May of 2011. By then, the average banking housing assessment was 1,151 euros per square meter. The amount registered in September of this year, of 1,135 euros per square meter, almost stands at levels from January of 2011, when each square meter in Portugal costed an average of 1,139 euros.

Therefore, the price per square meter increased 1.2% in comparison to August. In an homologous comparison, the growth rhythm is more accelerated: banking evaluation of houses increased 5.5% in comparison to last year’s September. “During the month under analysis, we can highlight the fact that the average banking evaluation increased in general terms, which means that the increase happened in all regions, in both kinds of real estate and in a quarter-on-quarter and year-on-year analysis”, INE highlights.

Banking evaluation increased especially in apartments, a category in which a square meter rose 1.6% to 1,192 euros. Dwellings‘ banking evaluation increased 0.7% to 1,051 euros per square meter.

The largest increases in banking evaluation were registered in the Madeira and Azores regions, with an increase per square meter of 2% to 1,270 and 2.1% to 994 euros, respectively. In Portuguese mainland, the Algarve continues having the largest average price per square meter, of 1,428 euros; the second most expensive area is Lisbon, assessed in 1,381 euros per square meter.