Home values in Portugal hit new record in December
The value of houses in Portugal is a new record in December last year. The assessment made by the banks when granting credit for the purchase of housing consumed a new maximum: 1,458 euros per square meter. A year ago they were worth 173 euros less per square meter.
When they have to grant mortgage credit, financial institutions carry out a valuation of the housing. Despite the context of economic convergence seen last year, houses are increasingly worth more for banks.
According to data released today by the National Institute of Statistics (INE)the median value of bank valuation on housing was 1,458 euros per square meter in December 2022, mtheres 9 euros than the observed in the previous month or the equivalent of a rise of 13,5%, the highest value ever recorded by INE.
Furthermore, if the comparison is made with the same month last year, there is a increase of 173 euros in the value of housessince in December 2021 the banks valued the houses at 1,285 euros per square meter.
According to INE data, the increase compared to the previous month tolerated–if not algarve (1,8%) and the smaller tolerated–if in Alentejo (0,4%). AlreadyCompared to the same period of the previous year, the median value of the estimates grew by 13.5%, with a more intense variation recorded in the Algarve (18.1%) and less in the North (11.6%).
Apartments
In December 2022the median bank appraisal value of apartments was 1.633 euros per square meter, having increased 15,1% relatively an teninBro in 2021. THEs braveryes highers were observes nThe algarve (two.026 euros/m2) and in the Lisbon Metropolitan Area (1.939 euros/m2), with the Alentejo recorded the highest value low (1.057 euros/m2). already the recordto Autonomous from Madeira presented the growth counterpart more expressive (18,5%)occurring the lowest (13.2%) nthe North.
dwellings
OvalThemedian r of the bank evaluation of the houses was 1.148 euros per square meter in Decemberinbrthe one from 2022what represents a addition of 11,5% compared to the same month of the previous year. The highest values observed–if not Algarve (two.115 euros/m2) and nan Lisbon Metropolitan Area (1.997 euros/m2), having the Alentejo and the center registered thes braveryes lowers (951 euros/m2 and 960 euros/m2, respectively). AN Autonomous Region of Wood a giftyou the biggest grownment counterpart (21,7%) and the smaller occurred not north (10,two%).
Number of bank estimates
INE also explains that for the calculation of the median value of bank assessment in Ddecember 2022were considered two4.193 estimates (15.369 apartments and 8.824 dwellings)menos 20,two% than in the same period dand 2021and minus 27,0% that last May, the month in which the maximum of the series. Compared to the period previous, fulfilled–if mit is us 1 361 bank estimates, which corresponds to a decrease in 5,3%.
That is, for the seventh consecutive month, the number of bank forecasts occurred, a possible sign of reduced demand for property in Portugal.
Home values in Portugal hit new record in December was last modified: January 27, 2023 in