Bank valuations of houses at new record

in News · 03-07-2020 01:00:00 · 0 Comments

The average value of bank valuation rose €3, to €1,114 per square metre (m2) in May compared to the previous month, surpassing the record it had reached in April, the National Institute of Statistics (INE).

According to INE data, the value of €1,111 per square metre recorded in April was the highest since at least January 2011, the first date in the institute’s statistical series.

According to the INE Housing Banking Survey, the €1,114 per square metre in May represents an increase of 0.3 percent compared to April and an increase of 8.9 percent compared to the same month of the previous year.

Given the “exceptional circumstances” resulting from the Covid-19 pandemic, the number of bank assessments considered amounted to around 19,000, 21 percent less than in the same period of the previous year.

At the regional level, the biggest increase compared to the previous month was registered in Alentejo (3.1 percent), with the only decrease being in the Autonomous Region of Madeira (-0.5 percent).

In comparison with the same period of the previous year, the median value of the assessments grew 8.9 percent, with the Metropolitan Area of Lisbon (11.2 percent) standing out with the highest year-on-year rate of change for the set of assessments and the Alentejo (2.5 percent) with the lowest.

In May, the average appraisal value of the apartments was €1,212 Euros/m2, increasing 9.4 percent over the same month of 2019, with the highest value being observed in the Metropolitan Area of Lisbon (€1,485/m2).

As for housing, the average value of bank appraisal rose 8.0 percent year-on-year, to €953/m2, with the highest values observed in the Algarve (€1,612/m2) and in the Metropolitan Area of Lisbon (€1,485/m2), while the Alentejo registered the lowest value (€805/m2).
In an analysis by NUTS III regions, in May INE highlights the Metropolitan Area of Lisbon, the Algarve and the coastal Alentejo for their valuation values above the national average (36 percent, 33 percent and 2 percent, respectively), while the regions of Beira Baixa and Terras de Trás-os-Montes had the lowest values in relation to the country’s median (-40 percent both).


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