In 2024, the median value of bank appraisals in Portugal rose 9.3% to €1,662/m², with all regions reporting significant increases in property valuations.
In a striking development within the Portugal’s real estate market, the median value of bank appraisals for residential properties has experienced a remarkable increase of 9.3% in 2024 compared to the previous year. This notable rise positions the average valuation at an impressive 1,662 euros per square meter (m²), with all regions of the country reflecting this upward trend.
According to data from the National Institute of Statistics (INE), the Autonomous Region of Madeira has exhibited the most pronounced increase, soaring by an astonishing 14.8%. In contrast, the Alentejo region recorded the smallest increment at 5.5%. This variance in growth rates across regions underscores the heterogeneous nature of the Portugal’s real estate market.
When analyzing the data by accommodation type, the findings are equally compelling. The median value of bank appraisals associated with credit applications for apartment purchases surged by 9.3%, reaching 1,851 euros/m². Meanwhile, houses experienced a commendable increase of 8.6%, with their median value now standing at 1,287 euros/m². For context, these figures were 1,693 euros/m² and 1,185 euros/m², respectively, in 2023.
This robust growth in Portugal property valuation not only reflects the resilience of the housing market but also raises pertinent questions regarding the sustainability of such increases in the face of economic fluctuations.
