The average bank valuation was 15 euros higher than in September.
According to the National Statistics Institute’s (INE) Residential Bank Valuation Survey, the average valuation rose to 1,251 euros per square meter in October. That figure is 15 euros higher than in the month before, a year-on-year increase of 10.6% (9.6% in September).
The INE considered 28,009 valuations in this survey, 13.7% more than in the same period of the previous year. Of these, 17,741 were flats, and 10,268 were houses. Compared to the last period, 292 fewer appraisals were carried out, a decrease of 1.0%.
Median bank appraisals, carried out during the mortgage application process, reached 1,251 euros per square metre, increasing 1.2% month-on-month (1,236 euros/m2).
Meanwhile, the average bank appraisal value for flats rose to 1,385 euros/m2, up by 11.8% y-o-y.
At the same time, bank assessments of houses hit 1,010 euros/m2 in October, a growth of 6.7% compared to the same month in 2020.
According to INE, the Algarve, the Metropolitan Area of Lisbon, the Autonomous Region of Madeira, the Alentejo Litoral and the Metropolitan Area of Porto reported above national average valuations (+34%, +33%, +3%,+2% and +1%, respectively). Beiras and Serra da Estrela had the lowest value in relation to the rest of the country (-45%).