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Housing in Portugal is gradually becoming cheaper

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The median bank valuation of housing in October 2023 was €1,536 per square meter.

What has  happened? According to the National Institute of Statistics (INE), the median bank valuation of housing in Portugal in October 2023 was €1,536 per square meter, €5 less than observed in the previous month. In annual terms, the rate of change was 8.2% (7.8% in September).

Quote. "It should be noted that the number of bank assessments was around 26.9 thousand, which represents an increase of 7.8% compared to the previous period and an increase of 4.9% year-on-year", notes INE.

Regions. The central region has recorded the most significant increase compared to the previous month (+0.7%), while the autonomous region of Madeira has recorded the largest decrease (-2.3%).

Compared to October 2022, the median value of estimates have increased by 8.2%, with the highest variation observed in the autonomous region of Madeira (19.6%) and the lowest in the Algarve (6.1%).

According to the Median Banking Valuation Index, in October 2023, the Algarve, the Lisbon agglomeration, the Autonomous Region of Madeira and the Alentejo Littoral had valuation values of 37.3%, 32.4%, 11.5% and 10.4% respectively, which are higher than the average around the country.

Alto Tamega, Beiras, Serra da Estrela and Terras de Tras os Montes were the regions that presented the lowest values in relation to the national average (-49.9%, -49.0% and - 48.5% respectively).

Please read also: Housing prices are predicted to decline in Portugal

Source: The Portugal News

Photo by Diego García on Unsplash

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