The assessment by banks for credit the value of homes reached a new maximum of 1,160 euros per square meter.
The price at which banks evaluate homes at the time they are granting credit for the purchase reached a new high in February. The prices were taken as per square meter and the same accelerated to 1,160 euros, the highest value in almost eight years, signaling the upward trend of house prices in Portugal.
The price of the square meter increased by 7 euros in February to settle at 1,160 euros, according to data released by the National Statistics Institute (INE). This is the highest value of the land since July 2010.
The public statistic office confirms that the figure indicates the increase of 0.6% when compared to the last month and 4.6% in relation to the same month of the previous year. During last year February the rise had been three euros per square meter.
Most of the country's region saw an increase in the bank evaluation, the only exception stood at the Autonomous Region of Madeira and the central zone. The average decrease in the price was estimated to be around four to eight euros in the price evaluation of per square meter.
In 2017, home sales prices increased at an annual average of 9.2 per cent, the year when national banks made available a big amount of home loans.