Compared to the same period of the previous year, the median value of assessments grew by 13%, reveals the INE.
When applying for a mortgage to buy a house, one of the steps to take is the bank evaluation of the property, which in Portugal continues to break records every month. And what the most recent data from the National Institute of Statistics (INE) tell us is that, in April, the median value of bank evaluation stood at 1,356 euros per square meter (euros/m2), 25 euros more than in the month previous year (1,331 euros/m2). It's the biggest jump ever. “The biggest increase compared to the previous month was registered in the Center (1.7%). The only regions that showed a negative chain variation were the Autonomous Regions of the Azores and Madeira (-0.5% and -0.3%, respectively). Compared to the same period of the previous year, the median value of assessments grew by 13%, with the most intense variation in the Algarve (16.2%) and the smallest in the Autonomous Region of the Azores (6.7%)”, reads in the note released by INE.
Apartments: valuation rises 14.7% in one year
With regard to the median bank appraisal value of apartments, it was 1,507 euros/m2, having increased 14.7% compared to April 2021. The highest values were observed in the Algarve (1,814 euros/m2) and in the Metropolitan Area Lisbon (1,801 euros/m2), with the Alentejo registering the lowest value (974 euros/m2). The Algarve presented the most expressive year-on-year growth (18.9%), with the Autonomous Region of the Azores presenting the smallest (4.6%). Compared to the previous month, the appraisal value rose 2.1%, with the Autonomous Region of the Azores registering the greatest increase (3.8%). Evolution by typologies:
The median valuation for T2 apartments rose by 24 euros, to 1,529 euros/m2;
The median valuation for T3 apartments rose by 29 euros to 1,345 euros/m2.
Altogether, these typologies accounted for 80.0% of apartment evaluations carried out in the period under analysis.
Houses: valuation grows 8.3% in one year
The median value of the bank appraisal of the houses was 1,083 euros/m2 in April, which represents an increase of 8.3% in relation to the same month of the previous year. The highest values were observed in the Lisbon Metropolitan Area (1,824 euros/m2) and in the Algarve (1,804 euros/m2), with the Alentejo and the Center registering the lowest values (902 euros/m2 and 911 euros/m2, respectively).
The Lisbon Metropolitan Area presented the highest year-on-year growth (15.4%) and the lowest occurred in the Autonomous Region of Madeira (3.0%). Compared to the previous month, the appraisal value increased by 1.5%. The Lisbon Metropolitan Area presented the most accentuated increase (2.0%), with the largest decrease in the Autonomous Region of Madeira (-1.9%).
Evolution by typologies:
The median valuation for T2 houses rose by 8 euros, to 1,055 euros/m2;
The median valuation for T3 houses rose by 22 euros, 1,067 euros/m2;
The median valuation for T4 houses rose by 13 euros, to 1,117 euros/m2.
As a whole, these typologies accounted for 88.9% of the housing appraisals carried out in the period under analysis.
15% more bank reviews than a year ago
For the calculation of the median value of bank appraisal in April, 32,343 appraisals were considered, 15% more than in the same period of the previous year, of which 20,728 were apartments and 11,615 were houses. “It should be noted, however, that this evolution should reflect a base effect, as the first months of 2021 were affected by the worsening of containment measures associated with the pandemic situation experienced. Compared to the previous period, 300 more bank assessments were carried out, which corresponds to an increase of 0.9%”, adds the INE.
Fonte: Idealista