House prices in Portugal hit record high of €1,285/m2
The median value of bank appraisal for housing in Portugal rose in December 2021 to a new all-time high of €1,285 per square metre (m2), a YoY increase of 11.2 percent and €13 above November 2021, Instituto Nacional de Estatística (the National Statistics Institute - INE) has announced.
The Statistics Institute which is the Portuguese government’s office for national Statistics has indicated that the number of bank appraisals carried out was around 30,000, equating to nearly fifteen percent percent more than in the same period of 2020.
According to INE, in 2021, the average valuation value was 1,231 euros/m2, translating an increase of 9.0% compared to the previous year.
Apartments
The appraisal of apartments stood at €1,419/m2, signifying an increase of 12% in relation to December 2020.The biggest increase was observed in the Algarve (1 720 euros/m2) and the lowest was in Portugal’s least populated region of Alentejo (911 euros/m2) located in the south–central and southern region of Portugal.
The median value of bank appraisal for housing in Portugal of €1,285 per square meter equates to 11.2 percent YoY increase and €13 above November 2021.
Dwellings
Conversely, as far as dwellings are concerned, the median value of the bank valuation was €1,030m2 in December, which represents an increase of 7.6% in relation to the same month of 2020.
The highest values were observed in the Algarve (1 753 euros/m2) and in the Metropolitan Area of Lisbon (1 722 euros/m2), with the Alentejo recorded the lowest value (829 euros/m2).
According to the Median Bank Valuation Index, in December 2021, the Algarve, the Lisbon Metropolitan Area and the Alentejo Litoral had valuation values above the country's median of thirty-five percent, thirty-two percent and three percent, respectively.
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