House valuation on the rise for 21 months in a row. House prices hit record highs of 2008
The average of bank valuation in 2018 stood at €1.192 per square meter in the country, and by the end of December, it reached a new record high, of €1.220, the highest value registered since 2008.
House valuation on the rise for 21 months in a row. House prices hit record highs of 2008
Portuguese house prices hit record highs of 2008
The average of bank valuation in 2018 stood at €1.192 per square meter in the country, and by the end of December, it reached a new record high, of €1.220, the highest value registered since 2008.
House prices are on the rise, and the banking valuation for housing loans reached a new peak in December 2018: it got to an average of €1.220 per square meter, the highest since 2008. Considering the whole year, on average banking valuation of houses inflated by 6%.
The data was released this Friday by the Portuguese Office for National Statistics (INE), and it confirms that banking valuation is on the rise for 21 months in a row.
In December, it increased €5 per square meter in comparison to November, reaching a total of €1.220 per square meter. As for the year on year evolution, the increase was even more significant, with prices rising by 6.1%, a €70 difference. This is the highest value recorded since the first trimester of 2008 , a time when the banking valuation of houses stood at precisely the same figure.
The increasing trend in house valuation by the banking system started being observed in 2015. Since then, it has been steadily increasing every month.
Looking back at the whole year of 2018, we also observe that the acceleration of prices was rather significant, with the average banking valuation value standing at €1.192 per square meter last year, which represents an increase of 5.8% in comparison to 2017.
In annual terms, “there was an increase in house valuation in all regions of the country, with the Algarve and the North showing the most intense increases, at 7.4% and 7.3%, respectively”, the INE shows.
Plus, if we look at different types of housing, we see that there was an increase in house valuation for apartments of 6.1% and 4.7% for single-family houses (€1.249 and €1.095 per square meter, respectively).
