House prices rise to ‘new historic maximum”

House prices across the board in Portugal have risen to a new historic maximum.

Media reports today are interpreting the latest figures out of national statistics institute INE which show that the average value of banking evaluations for property here increased five euros from September to October, taking the mean cost of a square metre to 1,300 euros.

This translates into an increase compared to the same period last year of 7.6%, and 0.4% compared with the figure for September.

As reports stress: “If you’re an owner, it’s good news. If you want to buy a house, not so good…”

According to INE’s data, valuation averages for the Algarve and the Azores have risen even higher. In fact the only place where property valuations appear to have dropped is the Alentejo, for apartments.

Says RTP, on average the Algarve presents the most elevated prices, as much for apartments as houses.

Homes in the interior of the country have also lost value.

The ‘cheapest regions’ when it comes to property valuations are Beiras and Serra da Estrela, the Beira Baixa and the ‘mid-Tejo’ (-27%, -24% e -23%, respectively).