The average bank valuation of housing in May was 1,510 euros per square meter, up 19 euros from April and up 9.4% year-on-year, the National Institute of Statistics (INE) said on Monday.
In a statement released this Monday, INE says the year-on-year rate is down from 10.0% in April, with ratings down 29.6% to 23,335.
In the reporting month, the median value of the bank valuation of apartments was 1689 euros/m2 (square meter), which is 10.5% more than in May 2022, with the highest values recorded in the Algarve (2141 euros/m2) and in the capital area of Lisbon (2010 euro/m2).
On the other hand, Alentejo recorded the lowest value (€1,108/m2), with the Autonomous Region of Madeira showing the most pronounced year-on-year growth (20.9%) and the lowest in the center (8.2%).
“The average T2 apartment valuation value increased by 26 euros, to 1,705 euros/m2, and T3 rose by 5 euros, to 1,494 euros/m2,” notes INE, adding that overall, “these typologies represent 79.3% of apartment valuations carried out during the reporting period.
As for houses, INE indicates that the median value of the bank valuation was 1153 euros/m2 in the analyzed month, which is 4.4% more than in the same month, with the highest values in the Algarve (2119 euros/m2) and in the capital area of Lisbon (1987 euro/m2).
Centro and Alentejo recorded the lowest values in this area (€920/m2 and €986/m2 respectively).
The Algarve had the highest annual growth (15.0%) and no region saw a decline in average home values.
INE explains that 23,335 houses (15,120 apartments and 8,215 houses) were considered to reach the median bank valuation for May 2023, down 29.6% from the same period in 2022.
Compared to April, 2,078 additional assessments of banks were carried out, which corresponds to an increase of 9.8%.
Author: Portuguese
Source: CM Jornal
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