Bank valuation of housing rose to 1510 euros per square meter in May

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%.