Evaluation of houses increases almost 5% in a year, renewing maximums of 2011

  • ECO News
  • 28 December 2017

The price per square meter increased three euros in comparison to October, both for apartments and dwellings. It renews once again maximums of May of 2011.

The banking evaluation of houses continues increasing. In November, the average price per square meter in Portugal stood at 1,444 euros, renewing maximums of May of 2011. In annual terms, the average price per square meter accelerated to 4.9%.

According to data disclosed this Thursday by INE (Statistics Portugal), housing prices increased 53 euros since November of 2016, and three euros in comparison to October of 2017. This upsurge in prices was registered both in apartments and dwellings.

Evolution of housing prices in 2017

Source: INE

This climb in the evaluation of houses happens in parallel with the trend of house prices. In the third quarter of the year, according to INE, real estate prices climbed 10%, which is the largest growth in prices since there is record in INE, whose history goes back to 2009. In addition, Portuguese banks have been more available to grant credit, especially to purchase houses, which is confirmed by the successive downward revision of spreads.

The Algarve and Lisbon have the highest prices

In regional terms, the Algarve is where the square meter is more expensive: it stands at 1,447 euros. Even so, it suffered a 0.2% fall — of three euros — in comparison to the previous month. After the southern region comes the Metropolitan Lisbon Area, where each square meter is assessed in 1,386 euros and in which there was a four euros’ increase (0.3%) in comparison to October of 2017.

The Center region and Alentejo stand at the opposite end of the spectrum: each square meter is assessed in 957 euros and 964 euros, respectively.