The National Institute of Statistics confirms that the average of property bank valuation per m2 reached a new historical record in October.
During a period of lower interest rates, banks evaluated a total of 34,905 properties just in the month of October.
This represents an increase of 29.9% compared to the same period last year, according to National Institute of Statistics.
Villas: The Algarve area achieved the highest increase (16.0%) in October.
The highest values were recorded in the Algarve (€2,470/m²) and Lisbon (€2,461/m²).
Apartments: In October, the highest values were observed in Lisbon (€2,534/m²) and the Algarve (€2,291/m²).
Undoubtedly, these figures indicate that it is an excellent time to purchase a property in Portugal with mortgage.
The bank valuation is a mandatory condition to stipulate the maximum Loan to Value.
