Bank valuations of houses reached €1,226 per square meter in January (up for 22 months).

The average bank valuation for mortgage applications rose again in January 2019, to €1,226 per square meter (m2), a trend that has continued for 22 months (it has been rising since April 2017). What´s more, it is at an 11-year high.

According to the National Statistics Institute (INE), in January, the average bank valuation was €6 (0.5%) higher than in the previous month and €73 (6.3%) higher than in the same period last year. 

“At the regional level, the largest increase for housing as a whole was recorded in Alentejo (1.5%), while the sharpest decline occurred in the Autonomous Region of Madeira (-1.3%),” according to the INE website. In year-on-year terms, the highest rate for all valuations was in the Algarve (10.5%), while the lowest was also in the Autonomous Region of Madeira (3.4%).

In the case of apartments, the average bank valuation in January was €1,288 per m2. Compared to December 2018, the Lisbon Metropolitan Area showed the highest increase (0.9%) and the Autonomous Region of the Azores recorded the largest decrease (-6%). In year-on-year terms, the Algarve showed the most significant growth (10.3%), and the only decrease occurred in the Autonomous Region of the Azores (-1%). 

With regard to houses, the bank valuation stood at €1,125 per square meter. “The highest values were observed in the Algarve (€1,600 per m2) and in the Lisbon Metropolitan Area (€1,547 per m2), with the Center recording the lowest value (€966 per m2),” concludes INE.

Compared to the previous month, the Alentejo region showed the highest increase (2.6%) and the Autonomous Region of Madeira the largest decrease (-1.6%). In year-on-year terms, the Algarve showed the highest growth (11%) and the lowest occurred in the Autonomous Region of Madeira (2.8%).





Source: Idealistanews