In addition to being a new record value in absolute terms, this is the biggest year-on-year increase since November.

INE reveals that a “more intense variation” was observed in the Autonomous Region of Madeira, where the median value of bank valuation of housing rose 19.1%, and that there was no year-on-year decline in any region.

However, this does not mean that the real estate market is not cooling down. The evolution recorded in February in the bank valuation of housing was the third lowest year-on-year rate since November 2016.

INE figures also reveal that, in February, the median bank appraisal value of apartments increased by 4.75% compared to February 2023, standing at 1,741 euros per square meter. This was the second lowest year-on-year increase since November 2016.

“The highest values were observed in Greater Lisbon (2,319 euros/m2) and in the Algarve (2,096 euros/m2), with the Center recording the lowest value (1,162 euros/m2)”, reveals the INE statement, also highlighting the Autonomous Region of Madeira as having presented “the most significant year-on-year growth (19.6%) and the Algarve the lowest compared to the same period of the previous year (0.7%).”

In the housing segment, the trend is different, with the median value of bank valuation recording the third consecutive month of year-on-year increase, which culminated in an annual increase of 7.24% in February to 1,230 euros/m2.

“The highest values were observed in the Algarve (2,218 euros/m2) and Greater Lisbon (2,185 euros/m2), with the Center and Alentejo recording the lowest values (952 euros/m2 and 1,040 euros/m2, respectively). The Autonomous Region of Madeira showed the highest year-on-year growth (15.1%), with the lowest being recorded in Greater Lisbon (2.6%)”, says INE in a statement.