The value of houses being purchased using bank credit rose again in January. There were 27 euros more than in the previous December and a growth of 14.9% compared to the same month of 2022, for a median value of 1458 euros per square meter. But, on the other hand, the number of evaluation requests dropped dramatically. There were 25.8% less compared to the same period, and 33.3% less compared to May 2022, when the maximum of the series was reached.
According to data released this Friday by the National Institute of Statistics (INE) the number of bank assessments decreased for the eighth consecutive month, standing at 22,085 thousand, when in May last year they amounted to close to 33 thousand. Compared to December, 2108 fewer bank assessments were carried out, a decrease of 8.7%.
The drop in loan applications confirms the expected retraction in the granting of mortgage loans, reflecting the sharp rise in Euribor rates, which significantly aggravate interest costs, and prevent part of families from accessing the desired amount of credit in relation to their income .
In terms of median value, there was an increase compared to the same period of 14.9% (13.5% in December 2022) and 1.9% compared to December 2022.
“The biggest increase compared to the previous month was seen in the Algarve (2.2%), with the only decrease being seen in the Autonomous Region of the Azores (-0.8%)”, advances INE.
Of the total assessments, 14,151 were apartments and 7934 were houses.
By segment, the median appraised value of apartments was 1672 euros per square meter, 16.4% more than in January 2022, and the highest values were observed in the Algarve (2090 euros) and in Área Metropolitana de Lisboa (1988 euros ), with Alentejo registering the lowest value (1067 euros).
In housing, the median value of the bank assessment was 1152 euros per square meter, which represents an increase of 11.1% in relation to the same month of the previous year. The highest values were observed in the Algarve (2083 euros) and in Área Metropolitana de Lisboa (1988 euros), with the Center and Alentejo registering the lowest values (950 euros and 966 euros, respectively).