Bank property evaluations fell by an average of around 3% in 2013, with the Algarve registering the steepest drops of all. According to the national statistics institute, property values in the Algarve fell by an average of 4.9% last year though the region still leads the way when it comes to value per square metre.
On average, the Algarve’s square metre worth hovers around €1,250, while nationally it is around €1,006.
Houses have been worst affected by the banks’ evaluations, reveals the institute, with villas and homes losing around 4.2% of the previous year’s values, while apartments have lost only 2.2%.
Other regions badly hit are the Alentejo (-4.7%) and Madeira (-4.5%) while Lisbon only registered drops in the region of 2.5%.
