The average bank valuation of houses accelerated again at the start of 2018, rising in January to 1,153 per square meter (m2), an increase of three euros (0.3%) compared to December 2017 and 42 euros (4.2%) compared to the same period last year, according to data from the National Statistics Institute (INE).
The amount at which banks value homes, in the context of mortgage applications, is, according to ECO, the highest since April 2011 – before the request for a bailout from the Troika. The rise is, moreover, leveraged by property sale prices and synonymous with the greater willingness of banks to grant credit for home purchases.
According to INE data, the increase in bank valuations was widespread across most regions of Portugal. In January, the average valuation in the north of the country was €1,035 per m2 and in the center €959.
In the Lisbon Metropolitan Area, the price per square meter increased by €12, from €1,392 in December to €1,404 in January. The highest price, in turn, was recorded in the Algarve, where the average value was €1,446 per square meter.
Source: Idealista News.