Algarve hotels welcome nearly half-a-million tourists in September

Home bank valuations rise in Portugal amid pandemic

Portugal’s housing bank valuation has risen despite the grim economic background, according to recent figures released by the country’s national statistics institute.

According to the Survey on Banking Evaluation in Housing in November this year, revealed by the INE, “the median value of bank evaluation was 1,144 euros in November, 13 euros more than in the previous month,” representing an increase of 1.1% compared to October (1,131 euros / m2).

The most significant year-on-year change was registered in the Algarve (7.3%) and the smallest in the Madeira islands (2.5%), according to the country’s National Statistics Institute (INE).

Year-on-year, “the rate of change stood at 6.3%”, after standing at 5.8% in October,” the INE highlighted.

The INE also pointed out that the number of bank assessments considered amounted to around 27,000, 8.2% more than in the same period last year.

The biggest increase compared to the previous month was registered in the Azores (1.1%). The only reduction was observed in Madeira (-0.1%). 

The average bank valuation of apartments was 1,252 euros / m2, an increase of 7.1% compared to November 2019, with the highest value observed in the Algarve (1,552 euros / m2) and the lowest in the Alentejo (855 euros / m2).