Portuguese Bank Valuations for Housing Reach New Historic High in August
The median value of bank appraisals for housing in Portugal reached a new record of €1,965 per square meter in August, marking the 21st consecutive month of increases. The data, released on Monday by the Instituto Nacional de Estatística (INE), is based on valuations conducted as part of the mortgage lending process.
The latest figures represent a month-over-month increase of 1%, or €20 per square meter, continuing a steady growth trend observed since the end of 2023. The data was derived from approximately 31,700 bank appraisals, a volume that was down 6.4% from the previous month and 0.3% from the same month last year. While the monthly growth persists, the year-over-year growth rate showed a slight moderation, slowing to 18.1% in August from 18.7% in July.
The national data reveals stark regional differences in property values. The Grande Lisboa (Greater Lisbon) region reported the highest median valuation for apartments at €2,991 per square meter. The Algarve was the second most expensive region at €2,681 per square meter. In contrast, the Centro region had the lowest median valuation at €1,472 per square meter. The Península de Setúbal recorded the most significant year-over-year growth, with valuations increasing by 26.4%.
Across Portugal, the median valuation for apartments reached €2,269 per square meter, an increase of 22.6% compared to August 2024. By typology, one-bedroom (T1) apartments had a median valuation of €2,914 per square meter, while T2 and T3 apartments were valued at €2,344 and €1,957 per square meter, respectively.
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For houses (moradias), the median bank valuation rose to €1,430 per square meter, a 10.3% increase in year-over-year terms. The highest values for this property type were also found in Grande Lisboa (€2,705/m²) and the Algarve (€2,479/m²). The lowest were in the Centro (€1,063/m²) and Alentejo (€1,140/m²) regions.
The INE report also highlighted that valuations in Grande Lisboa, the Algarve, Península de Setúbal, Madeira, and the Alentejo Litoral were all significantly higher than the national median. Grande Lisboa's median valuation was 50.5% above the national figure. Conversely, interior regions such as Beiras e Serra da Estrela and Alto Tâmega had valuations more than 50% below the national median, illustrating a deep divide between the country's coastal, metropolitan hubs and its rural interior.
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