Bank valuations continue to rise
Portuguese banks continue to increase the valuations of property across the country with the highest rises being found in the Algarve region of the country.
On average the price per square metre across Portugal now stands at €1,205, the highest level found since 2008 before the global economic downturn.
According to a report by Eco News: “The banks’ valuation reached an average of €1,205 per square meter, which has been the highest value recorded since 2008, with an increasing pattern that has reached its 18th month in a row now. Data from the Portuguese Office for National Statistics (INE), shows that between August and September there was a 0.8% increase in the price per square metre in comparison to the previous month of August. It has increased by 6.2% in comparison to August 2017.”
The Algarve is leading the increase in property prices with valuations up by 9.7% in comparison to the same period last year and representing a €139 difference on average.
If you would like to find out the value of your property, contact us today for a valuation.