According to a report by the National Statistics Insitute, the increase reached 6.8% (vs 5.7% in February) in year-on-year terms. The number of bank valuations performed also increased to around 25,000, 2.7% more than the same period of the previous year.
According to the country’s statistics office, in March 2021, average bank appraisals for mortgage applications for acquiring homes reached 1,185 euros per square metre, an increase of 0.9% compared to February (1,174 euros/m2). The largest increase compared to the previous month came in the Azores (3.5%), and the smallest was in the Algarve (0.3%). Average valuations grew by 6.8% y-o-y, with the highest in the North (7.7%) and the lowest in the Algarve (2.9%).
The average valuation of flats stood at €1,300/m2, up 7.5% y-o-y. The highest value came in the Lisbon Metropolitan area (€1,569/m2) and the lowest in the Alentejo (€864/m2). The most significant growth was reported in the North (8.7%) and the weakest in the Alentejo (0.6%). Month-on-month, valuations rose by 0.7%, with the Azores showing the highest increase (2.5%) and the Algarve the sharpest fall (-0.2%). The average value of two-bedroom flats rose by 11 euros to 1310 euros/m2, while 3-bedroom apartments rose by 5 euros to €1,169/m2. The two types account for 80.9% of the assessments in March.
Houses had an average value of 991 euros/m2 in March, an increase of 7.4% y-o-y. The highest prices were seen in the Algarve (1,620 euros/m2) and the Lisbon Metropolitan Area (1,550 euros/m2), with the Centre reporting the lowest (818 euros/m2). The Alentejo showed the highest growth (10.0%), while the lowest was recorded in the Algarve (3.6%). The Algarve showed the largest month-on-month increase (3.8%), with the only decrease coming in the Autonomous Region of Madeira (-0.2%). Two, three, and four-bedroom flats accounted for 88.9% of the valuations, reaching €959/m2 (+€18), €966/m2 (+€13) and €1,052/m2 (+€6).
According to the Average Bank Valuation Index, calculated by the National Statistics Institute, the Lisbon Metropolitan Area, the Algarve, and the Autonomous Region of Madeira presented average valuations above the average for the country (32%, 29% and 2%, respectively). Beiras and Serra da Estrela reported the lowest values vis-a-vis the rest of the country (-43%).
A total of 25,420 bank evaluations were considered to calculate the average value of bank evaluation in March. Of those, 15,943 were of flats and 9,477 were of houses. In comparison to February, there were 2,333 more bank appraisals, corresponding to an increase of 10.1%.
