The average value of the bank’s valuation in August was 1414 euros, which is three euros less than in the previous month, which indicates a slight slowdown in the value of houses in the context of new loans. This sign is accompanied by two other signs of slowdown, one is the year-on-year growth of 15.8%, down from the 16.1% recorded in June, and the other is the number of evaluation requests that have bounced back. the fall.
Decreasing grades, which means fewer loan applications, according to data from the National Statistical Institute (INE) released Tuesday. happens three months in a row, and after in May recorded the highest number in the series. Only 26 thousand estimates, which is 10.4% less than in the same period of the previous year and 20.7% less than in May, the month when the series reached its peak. Compared to the previous month, appraisers registered 2,363 fewer bank valuations, which corresponds to a decrease of 8.3%.
This decline comes at a time when the most commonly used lending rates, Euribor andgrow significantlyin response to a much more negative economic context.
According to INE, 26,272 valuations were taken into account to calculate the median value of the bank’s valuation in August, which is 10.4% less than in the same period in 2021, of which 16,651 apartments and 9,621 villas. Compared to the previous month, 2,363 fewer bank evaluations were carried out, which corresponds to a decrease of 8.3%.
In the reporting month, the median value of the bank valuation of apartments was 1577 euros per square meter, an increase of 16.3% compared to August 2021, with the highest values observed in the Algarve (1913 euros) and in the Lisbon metropolitan area (1 875 euros) , from Alentejo, where the lowest price is registered (1,019 euros).
In the opposite direction, the median bank valuation of houses in August was 1,126 euros per square meter, down 0.3% from the previous month. On an annualized basis, the growth was 14.1%.
The highest house prices were observed in the Algarve (€2037) and in the Lisbon metropolitan area (€1926), while the lowest prices were recorded in Alentejo and Center (€898 and €913 respectively).
Euribor rates set a new high
On Tuesday, Euribor rates rose again across all maturities to a high of more than 10 years, adding to the cost of new and existing loans, in the case of the latter, as they are revised.
The six-month Euribor, the most used in Portugal, rose to 1.851%, up 0.048 points and the highest since March 2009, according to data released by Lusa.
The three-month rate rose 1.228% to 0.060 points, a new high since January 2012.
The longest term, 12 months, was 2.625%, up 0.062 points and a new high since February 2009.