The real estate market in Portugal has witnessed a remarkable surge in property prices, specifically in terms of the price per square meter for apartments. According to recent data from the National Institute of Statistics (INE), the median value of bank appraisals for apartments reached an astounding 10.5% increase in May 2023 compared to the same period last year. This surge marks the highest growth rate recorded since 2011, when the INE began reporting on this data.
In May 2022, the median value of bank appraisals for apartments stood at 1,689 euros per square meter (euros/m2). However, in May 2023, this figure skyrocketed to an impressive 1,869 euros/m2, reflecting a substantial surge of 10.5%. Such a significant increase in property prices in just one year indicates a robust and dynamic real estate market in Portugal.
The growth was not evenly distributed across the country. The Autonomous Region of Madeira experienced the most substantial surge, with an impressive 20.9% increase in the price per square meter for apartments compared to May 2022. The Central region recorded the lowest growth rate at 8.2%. These variations demonstrate the regional disparities within the Portuguese real estate market and highlight the attractiveness of certain regions for property investments.
Analyzing the data by region, the Algarve and the Lisbon Metropolitan Area emerged as the areas with the highest price per square meter for apartments, reaching 2,141 euros/m2 and 2,010 euros/m2, respectively. On the other end of the spectrum, the Alentejo region reported the lowest price per square meter, standing at 1,108 euros/m2. These variations in regional pricing further emphasize the influence of location on property values.
Moreover, the upward trajectory in apartment prices was not limited to the year-on-year comparison. In just a month, from April to May 2023, the price per square meter increased by 1.3%. The Algarve witnessed the most significant rise, with a substantial increase of 3.6%, while the Alentejo region experienced a slight decline of 0.2%.
When analyzing the specific apartment types, it was observed that T2 and T3 apartments accounted for the majority of appraisals, representing 79.3% of the total evaluations conducted in May 2023. The median value per square meter for a T2 apartment surged by 26 euros, reaching 1,705 euros/m2, while the price for a T3 apartment increased by 5 euros, reaching 1,494 euros/m2.
The remarkable surge in apartment prices in Portugal signifies a flourishing real estate market and heightened demand for properties. As property values continue to rise, it presents both opportunities and challenges for potential buyers and investors in the country’s real estate sector.
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