In year-on-year terms, the rate of change in the bank valuation of houses stood at 8.8%, which compares with an increase of 7.6% in July. The rate thus accelerates again, after six consecutive months of slowing down, according to a report by ECO.
The most intense variation was observed in the Autonomous Region of Madeira (23.1%) and the smallest in the North (7.9%). In the monthly comparison, “all regions showed increases compared to the previous month except the Algarve (-0.6%), with the most significant increase being recorded in the Autonomous Region of the Azores (5.6%)”.
INE also publishes data on bank valuation by type, which shows that the median bank valuation value for apartments was 1,707 euros/m2, having increased by 8.2% compared to August 2022. The median value of houses was 1,197 euros/m2 in August, 6.3% more compared to the same month of the previous year.
The Algarve, the Lisbon Metropolitan Area, the Autonomous Region of Madeira and the Alentejo Litoral are the regions with the highest median housing bank appraisal value. “They presented assessment values of 40.7%, 33.6%, 10.9% and 5.1%, respectively, higher than the country’s median”, indicates INE.
The lowest values are found in the interior, particularly in the North. “Trás-os-Montes, Beiras and Serra da Estrela and Alto Alentejo were the regions that presented lower values in relation to the country's median (-48.8%, -47.4% and -46.6% respectively )”, says the national statistics office.
I don't see any reference on this or the original article that the data is inflation adjusted. So it's not that the houses are more valuable this year than last year but rather cash worth less now.
By André from Alentejo on 27 Sep 2023, 21:29