In August, the average residential bank valuation held steady at 1,221 euros/m2, unchanged from the previous month. According to the National Institute of Statistics, the year-on-year rate of change stood at 8.2% (8.3% in July). The number of bank valuations considered rose to close to 29,000, up 35.3% y-o-y.
Compared to the previous month, the largest increase was in the Autonomous Region of Madeira (3.2%), with the Centre presenting the sharpest drop (-0.8%). Year on year, the median value of the valuations grew by 8.2%, with the highest increase in the Autonomous Region of Madeira (11.5%) and the lowest in the Centre (2.7%).
According to the INE, the average valuation of a flat stood at 1,356 euros/m2, up 9.9% y-o-y. Regionally, the highest appraisal was in the Algarve (1,649 euros/m2) and the lowest in the Alentejo (877 euros/m2). The Autonomous Region of Madeira showed the most significant year-on-year growth (13.1%), with the Autonomous Region of the Azores reported the lowest (0.8%).
Compared to the previous month, valuations rose 0.4%, with the Autonomous Region of Madeira showing the largest increase (4.2%) and the Centre Region the only decrease (-0.1%). The median value of two-bedroom flats rose 14 euros, to 1,381euros/m2, with three-bedroom flats rising 3 euros to 1,217 euros/m2. These represented, as a whole, 81% of the apartment valuations carried out in the period.
For houses, the average bank appraisal reached 987 euros/m2 in August, increasing 3.2% y-o-y. The Lisbon Metropolitan Area (€1,613/m2) and the Algarve (€1,590/m2) reported the highest values, with the Centre recording the lowest (€807/m2). The Autonomous Region of the Azores showed the highest year-on-year growth (7.9%), with the weakest in the Centre (0.6%). Valuations decreased by 1.1% m-o-m. The Autonomous Region of the Azores showed the largest increase (1.1%), while the most significant decrease took place in the Algarve (-2.3%). Compared to July, the values for two, three and four bedroom houses, which account for 89.1% of the valuations, reached 923 m2 (-16 euros), 981 m2 (-7 euros) and 1,038 m2 (-12 euros).
The INE’s calculations took into account 29,315 valuations, 35.3% more than in the same period of the previous year. Of those, 18,642 were flats and 10,673 were houses. In comparison with the previous period, there were 1,147 less bank appraisals, a decrease of 3.8%.