The bank appraisal of houses has reached a new peak, reaching 1,580 euros per square meter, reflecting the continuous increase in real estate market values. The amount by which banks assess residences when granting loans for property purchases rose in March for the fourth consecutive month. The increase was 20 euros, thus reaching a total of 1,580 euros per square meter, a new record since the National Statistics Institute (INE) began compiling data in 2011.
The average value of the bank appraisal is determined through surveys conducted with banks in the context of granting housing credit.
With these values, a house with 100 square meters would be appraised by banks at 158,000 euros on average nationwide (and for reference), although there are variations in values from region to region and also depending on the type of housing.
The INE notes that the number of bank appraisals has increased again, after a decline in the first two months of the year, totaling 30,523 appraisals (19,499 apartments and 11,024 houses) in March. This represents an increase of 40.9% compared to March 2023.
Setúbal recorded the highest increase in the bank appraisal of houses, with an increase of six euros to 1,794 euros per square meter, followed by the Northern region, which had an increase of 22 euros to 1,366 euros per square meter.
In Greater Lisbon, where appraisals are higher, there was an increase of 12 euros to 2,312 euros per square meter, while in the Center, the increase was 14 euros to 1,074 euros per square meter. In the West and Tagus Valley regions (+7 euros/m2) and the Azores (+6 euros/m2), there were also increases in March.
The exceptions were the regions of Alentejo (-2 euros/m2), Algarve (-9 euros/m2), and Madeira (-1 euro/m2).
As for the type of housing, the average bank appraisal of houses in the country increased by nine euros to 1,239 euros per square meter, while apartments increased by 18 euros to 1,759 euros per square meter.
IN: CasaSapo
