Porto property mortgage valuations reach record highs
Property prices in Porto have reached record levels. In December last year, bank valuations of a square metre, averaged €1,849, the highest value ever recorded.
According to data released by the National Statistics Institute (INE), the valuation rose by €250 in one year, a 15.6% increase.
In September 2013, a square metre of Porto real estate was going for €1,208. Prices since then have risen 53%.
The figures calculated by the INE are based on mortgage requests for home purchases. The latest figures reveal that the increase in Porto was one of the most pronounced in the country.
In Lisbon, valuations for homes rose to €2,193 per square metre by the end of last year, up 2.4% on the previous December.
Algarve, Lisbon, Madeira and the Alentejo Coast continue to record values ??above the national average. In the 12 months of 2018, bank valuation of houses in these areas rose 5.8% on average, on top of a 5% increase in 2017.
No region of the country escaped increases last year, but it was in the Algarve and in the North that the credit institutions showed the price of the square metre growing more than 7%.