The value at which banks assess houses when granting a mortgage loan continues to accelerate sharply. In November, bank valuations of houses accelerated by 18.4% compared to the previous year, reaching a new historical record of 2,060 per square meter.

Data released by the National Institute of Statistics (INE) shows that the value of houses continues to grow this year at an unprecedented rate. Regarding the valuation attributed by banks, which is based on surveys of banks in the context of granting housing credit, last month recorded the second highest growth rate since records began — only surpassed by the 18.7% increase observed in July.

With these values, a 100-square-meter house will be valued by banks at an average of €206.00 nationally (and as a reference) — with differences in values ​​from region to region and also by type of housing.

The INE (National Institute of Statistics) also says that the number of bank valuations fell slightly last month, reaching 36,282 valuations (22,787 apartments and 13,495 houses). This was a 2.4% drop year-on-year.

27% increase in value

All regions registered significant growth compared to last year, with the Setúbal Peninsula leading the increases: bank valuations in this region soared 26.9%, the fastest rate ever, reaching €2,493 per square meter.

In the West and Tagus Valley (23.6%) and in Lisbon (20.8%), prices also grew by more than 20% year-on-year, according to INE (National Institute of Statistics).

In the North, the value that banks assign to houses grew by 17.7%, reaching €1,760 per square meter, and in the most touristic regions of Madeira and the Algarve, there were increases of 17.3% and 17.2%, respectively.

The Central region (14.5%), the Azores (15.5%), and Alentejo (16.9%) had the least significant growth.

By type, the average bank valuation of houses in the country rose 13.6% to €1,500 per square meter, and apartments appreciated by 22.9% to €2,389 per square meter.