Bank valuation of homes reached a new high and recorded the biggest increase in more than a year in March

The median value of the bank assessment of housing in Portugal rose again in March, to 1580 euros per square meter (m2), 20 euros more (or 13%) than in February, according to data released this Monday by the National Institute of Statistics (INE).

This value had fallen in October and November, but rose again in December 2023 and continued to rise in the first three months of 2024. In fact, the increase in March is the largest since January 2023, when m2 rose by 27 euros, to 1485 euros.

In year-on-year terms, the rate of variation stood at 6.5%, accelerating from 5.5% in the previous month, highlights the statistical office.

The increase in March raises the valuation of homes to a new historic high, which has been renewed every month at the beginning of the year.

By regions, it was the North that showed the most significant increase compared to the previous month (1.6%) and only Madeira recorded a decrease compared to February (-0.1%). Compared to March 2023, the most intense variation occurred in the autonomous regions (17.5% in both) and there was no decline.

By type, apartments registered a median value of 1759 euros per m2, with the highest value being recorded in Greater Lisbon (2323 euros per m2). Houses registered a median value of 1239 euros per m2, and it was also in Greater Lisbon that the highest value was recorded (2243 euros).

All this data depends on the number of bank assessments, which, according to INE, rose 7.8% to 30.5 thousand in March.