DREM releases a revised series for bank appraisals on housing

Statistics Portugal (INE) released today a new series for bank appraisals on housing.

The current revision is essentially due to the change occurred in the calculation of the series, which started to be disclosed using the median and the two adjacent quartiles, instead of the geometric average used in the old series, and the replacement of Useful Area by Gross Area, resulting in new concepts and classifications. The changes aim, among other aspects, to promote easier comparability with other indicators, which illustrate the national real estate market, produced by INE and released by DRE, as the house prices t the local level.

In March 2020

Median value of bank appraisals on housing in the Autonomous Region of Madeira increased from the previous month and year-on-year

In March 2020, the average value of bank appraisals on housing in the Autonomous Region of Madeira reached €1 138/sq meter, increasing by 2.2% from February 2020 and by 7.5% from the year-ago month.

For the flats located in the Autonomous Region of Madeira, the average value of bank appraisals in the month of reference was €1 164/sq meter, rising by 1.8% and 9.3%, when compared to last February and March 2019, respectively. In the case of row houses the value was lower (€1 091/sq meter), with the growth rates, by the same order,  standing at 1.4% and 6.2%.

For Portugal, that same variable stood at €1 110/sq meter in the month of reference, 0.1% below the previous month. The year-on-year change rate was +10.3%. The highest values were registered in Algarve and Área Metropolitana de Lisboa (€1 483/sq meter in both cases), followed by the Autonomous Region of Madeira (€1 138/sq meter).

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