The new average is equal to an increase of four euros compared to January, and a year-on-year rise of 5.7% (vs 6.1% in January). The number of bank valuations reached approximately 23,000 thousand, a drop of 4.1% year-on-year.
According to the data published by Portugal’s National Institute of Statistics (INE), the sharpest fall in prices was reported in the Autonomous Region of the Azores (-0.5%). In comparison, the largest m-o-m increase was seen in the Autonomous Region of Madeira (2.1%). Year-on-year, average valuations rose by 5.7%, with the highest growth in the North (6.4%) and the lowest in the Alentejo (2.3%).
The INE’s analysis indicated that the average value of bank valuations of houses stood at 975 euros/m2 in February, an increase of 5.1% y-o-y. The highest values were seen in the Algarve (1,561 euros/m2) and the Metropolitan Lisbon (1,545 euros/m2), while the Centre reported the lowest appraisals (812 euros/m2). The Autonomous Region of Madeira showed the highest growth (10.6%), while the lowest growth came in the Algarve (1.1%). The Autonomous Region of Madeira showed the largest increase compared with the previous month (3.7%), with the sharpest fall in the Autonomous Region of the Azores (-1.5%). Compared to January, appraisal values for two, three and four-bedroom houses, which accounted for 88.8% of all valuations, were €941/m2 (down 2 euros), €953/m2 (up 3 euros) and €1,046/m2 (up 22 euros).
The National Statistics Institute also reported that the average value of flats hit 1,291 euros per square metre, up 6.9% y-o-y. The highest value was seen in Metropolitan Lisbon (1,562 euros/m2) and the lowest in the Alentejo (865 euros/m2). The North reported the highest growth (8.3%), compared to the weakest in the Alentejo (0.7%). Month-on-month, bank valuations rose by 0.5%, with the Metropolitan Lisbon reported the most significant rise (1.9%), compared to a fall of 0.9% in the Algarve. The average worth of two-bedroom flats rose by 2 euros, to 1,299 euros/m2 , while three-bedroom flats also increased by 2 euros, to 1,164 euros/m2. These types of apartments accounted for 80.2% of the valuations of flats in February.
According to median bank valuations by region for the month, Metropolitan Lisbon, the Algarve and the Autonomous Region of Madeira posted above-median appraisals (33%, 30% and 2%, respectively). The regions of Beira Baixa, Beiras, and Serra da Estrela had the lowest value in relation to the country’s median (-42%).
INE also reported that 23,087 bank valuations were undertaken in February, 4.1% less than in the same period of the previous year. Of these, 14,602 were flats, and 8,485 were houses. Month-on-month, the total number fell by 1,770 (-7.1%).