Source: Freepik Author: Redaction The National Institute of Statistics (INE) advanced this Tuesday with data on the median values of bank valuation in housing, which increased in February, 10 € compared to the previous month . The value is thus fixed at 1,560 euros per square meter, with an annual rate of change of 5.5%, compared to 4.4% recorded in January. This is an increase of 0.6% , with the number of bank valuations around 28.3 thousand. Highlighted is the Autonomous Region of the Azores, with the steepest increase compared to the previous month, of 2.6% . The remaining regions also showed positive variations, however, the Autonomous Region of Madeira was the only one with zero variation and, compared to February 2023, the median value of the evaluations increased 5.5%. It was also in the Autonomous Region of Madeira that the variation was more intense, 19.1%, without any decrease. The INE bulletin also adds that in February, the median value of the bank valuation of apartments was 1,741 euros per square meter , increasing 4.8% compared to the same month last year, with the most pronounced values occurring in Greater Lisbon and the Algarve . In the Centre, on the other hand, the lowest value was recorded. Read: Less residents in Portugal bought a house in 2023 , More and more banks are partners of credit intermediaries
Source: Freepik Author: Redaction According to the National Association of Authorized Credit Intermediaries (ANICA), banks and credit intermediaries are increasingly forming partnerships to capture business , and have even marketed between 70% and 90% of the housing loans of the major national banks. The banks have organized themselves into partnership departments and are now determined to attract intermediaries, because they know that by doing so they will win more business, explains Tiago Vilaça, President of ANICA. These are benefits that average around 1% to 1.5% of the amount financed , when commissions are paid by banks to intermediaries in 90% of cases and, despite the fact that last year the real estate market saw a drop in new home loans, the business of credit intermediaries didnt really feel much of an impact. Leveraging the business of credit intermediaries was the transfer market , which increased exponentially: it has become a concern of the Portuguese to lower their house payment and ensure that the interest rate on the loan is fixed, so that the monthly payment doesnt go up significantly again, concludes the head of the association. Continue reading: More families opt for mixed rates on home loans and Are you buying a house? Negotiate the best credit conditions
Source: Freepik Author: Redaction AICCOPN has released to SUPERCASA Notícias its latest housing statistics summary , with advanced production indicators for January 2024. According to the information received in a press release, cement consumption on the domestic market totalled 3,632 thousand tonnes up to November, corresponding to a year-on-year increase of 2.5%. In terms of municipal licensing , in the first eleven months of 2023, there was a year-on-year decrease of 9.3% in the total number of licences issued for new construction or refurbishment of residential buildings . However, in terms of the number of dwellings licensed for new construction, there was a year-on-year increase of 5.4 per cent, to a total of 29,703 dwellings. The stock of mortgage loans totalled 99.064 billion euros in November, a contraction of -1.1% year-on-year, and the interest rate on mortgage loans stood at 4.52% that month, up 2.93 percentage points on the same month last year. With regard to the median house valuation for the purposes of bank loans, there was a year-on-year increase of 5.6% in November. Region in the spotlight: Lisbon Metropolitan Area In the Lisbon Metropolitan Area , the number of dwellings licensed for new construction in the twelve months ending in November totalled 6,193, an increase of 1.5% on the 6,100 dwellings licensed in the previous twelve months. Of these, 9 per cent are studio or one-bedroom units, 29 per cent are two-bedroom units, 41 per cent are three-bedroom units and 21 per cent are four-bedroom units or higher. As for the bank valuation of housing, there was a year-on-year variation of 4.8 per cent in this region in November. Keep up to date with this and other topics in SUPERCASA Notícias
Source: Freepik Author: Redaction Last Monday, January 29th, the National Statistics Institute (INE) released the median bank appraisal values for housing , which stood at 1,536 euros per square meter in December 2023 , representing an increase of 6 euros compared to November. In year-on-year terms, the rate of change was 5.3%, compared to 5.6% in November. In the month under review, the number of bank appraisals was around 29,500, representing an increase of 0.8% when compared to the previous period, as well as an increase of 21.8% year-on-year. As for the annual variation, the median appraisal value was 1,521 euros per square meter in 2023 , representing an increase of 8.6% compared to 2022. According to the statistics office, the biggest increases were in the West and Tagus Valley, with values rising by 2.1% compared to the previous month, while the only decrease was in the Autonomous Region of the Azores, which recorded -0.2%. When comparing the values with December 2022, the median value of bank appraisals of real estate increased by 5.3%, with the most intense variation occurring in the Autonomous Region of Madeira, with 15.5%, and the smallest in the Algarve, with 0.9%. Read also: More than 5,000 families have already asked for their housing payments to be fixed
Source: Freepik Author: Redaction According to data released by the European Central Bank (ECB), in the second quarter of 2023, more than two thirds of Portuguese households net wealth was concentrated in real estate assets, namely the property where they live. At the end of June 2023, the average net worth of households in Portugal was 271,000 euros, 66.3 per cent of which was concentrated in real estate. The average exposure of each Portuguese household to property assets was 179,000 euros at the end of the second quarter of last year, a figure around 1.7 times higher than in the last ten years. Among the assets that make up the wealth of Portuguese families, only exposure to investment funds grew more than property. However, the average amount applied to all households translates into only 3.5 per cent of per capita household exposure to real estate assets. The predominant investment in real estate is common to the vast majority of Eurozone countries , with Slovenia and the Netherlands registering more than 80 per cent of net wealth in real estate assets. National wealth still far behind Europe In addition to property assets, Portuguese households continue to show a strong inertia in reallocating their financial portfolio. Since 2020, deposits have represented the largest share of household financial assets, even at times when interest rates on new deposits are less than 0.5 per cent, according to data from the Bank of Portugal. Despite the large amount invested in term deposits, this is only equivalent to 30% of the total exposure in real estate assets, data that reveals the high commitment of the Portuguese to the property sector. Follow more news on Real Estate in SUPERCASA Notícias
Source: Freepik Author: Redaction According to data released by the National Statistics Institute (INE), the median value of bank appraisals rose 0.2% in September, to a total of 1,541 euros per square metre, 3 euros more than the previous month. This is the highest value ever, the seventh consecutive month of monthly rises. However, the INE data points to a slowdown in the increase in bank valuations. September of this year saw the lowest monthly variation since February. In turn, the year-on-year growth rate was 7.84% in September, 0.93 percentage points less than in August. This is the second lowest year-on-year change since March 2021, after the 7.61 per cent recorded in July 2023. The Autonomous Region of Madeira showed the most significant increase compared to the previous month (2.8 per cent) and the Algarve the biggest drop (-0.6 per cent). Compared to September 2022, the median value of valuations grew by 7.8%, with the most intense variation in the Autonomous Region of Madeira (25.2%) and the smallest in the Centre (6.9%), INE reveals. For flats, the median bank valuation was 1,708 euros per square metre , which, compared to September 2022, represents an increase of 7.35%, the lowest year-on-year growth rate since February 2021. In the case of houses, there was a median bank valuation of 1,198 euros per square metre, 5.45% higher than in the same period last year. Also read: No brake on rents, Government supports up to 4.94% of the increase , Banks confirm downward trend in housing loans
Source: Freepik Author: Redaction If you have a home loan or are considering taking out one, you should know that there is a credit scheme for disabled people with a degree of disability of 60% or more - subsidised credit. Institutions are not obliged to grant credit under this special scheme , however, the client is entitled to convert their loan when the degree of disability is acquired after the home loan contract has been signed. Characteristics of subsidised credit Loans contracted under this scheme have a maximum term of 50 years and have an interest rate subsidy equal to the difference between the reference rate for calculating subsidies (TRCB), set by Ministerial Order no. 502/2003 of 26 June, or the contracted interest rate when it is lower than the TRCB, and 65% of the European Central Banks reference rate. The maximum amount of the loan is updated annually on the basis of the consumer price index and may not exceed 90 per cent of the value of the property appraised by the credit institution or the cost of the conservation work. However, as is the case with the general home loan scheme, the institution can request this type of insurance. What are the conditions of access? The subsidised credit scheme is reserved only for people with a degree of disability equal to or greater than 60% , proven by a medical certificate of multipurpose disability . However, there are other requirements, such as: - You must be over 18 years old; - The loan cannot be used to buy the property of ascendants or descendants of the person concerned; - No member of the household has another loan under any subsidised credit scheme; - The property must be mortgaged and cannot be sold for a minimum period of five years (except in the event of unemployment, death of the holder, change in the size of the household or professional mobility). I already have a mortgage, can I switch to the subsidised loan scheme? Not all institutions offer this scheme, as it is not compulsory by law from the outset . However, if you have acquired a degree of disability equal to or greater than 60% after signing a permanent home loan contract , you can switch your loan to the subsidised credit scheme for people with disabilities. As such, it is possible to change your home loan to this scheme if you have a degree of disability equal to or greater than 60% after taking out the loan . Dont forget, however, that you need to present a medical certificate of multipurpose disability. To migrate to this scheme, you must fulfil the access conditions and submit an application to the credit institution requesting the change . The term of the loan covered by this scheme will take into account the number of years elapsed on the previous loan, and the sum of the terms of the two loans cannot exceed 50 years. Read more on SUPERCASA Notícias
Source: Freepik Author: Redaction The INE (National Statistics Institute) confirms an increase in the median value of the square metre in August, which reached €1,538, setting a new record compared to the increase in July . Despite the previous slowdown, the value of bank appraisals is once again accelerating. In year-on-year terms, the rate of change is 8.8 per cent, compared to 7.6 per cent in July. According to the statistical office, the most intense variation was seen in the Autonomous Region of Madeira, with 23.1 per cent, while the least significant was in the north, with 7.9 per cent. As for the monthly comparison, INE explains: all regions showed increases compared to the previous month except the Algarve (-0.6 per cent), with the most significant increase in the Autonomous Region of the Azores (5.6 per cent) . With regard to the number of bank appraisals, the figure stood at 24,600, which, according to INE, represents a decrease of 1.1 per cent compared to the previous period and a reduction of 6.3 per cent year-on-year . It can therefore be concluded that fewer people are asking for property valuations, while the value of the square metre is rising. The regions where the median value of the bank appraisal of housing is the highest are the Algarve, Área Metropolitana de Lisboa, Região Autónoma da Madeira and Alentejo: they had appraisal values 40.7 per cent, 33.6 per cent, 10.9 per cent and 5.1 per cent, respectively, higher than the countrys median. On the other hand, the lowest values were found in the North: Terras de Trás-os-Montes, Beiras e Serra da Estrela and Alto Alentejo were the regions with the lowest values in relation to the countrys median (-48.8%, -47.4% and 46.6% respectively) . Also read: Home loan portfolio has been falling for eight months , New moratorium on home loan interest: how does it work?
Source: Freepik Author: Redaction AICCOPN sent SUPERCASA Notícias its housing statistics summary, with advanced production indicators showing that in the first seven months of the year, cement consumption on the domestic market totalled 2,308 thousand tonnes, which is stable year-on-year. With regard to municipal licensing , up to July there was a year-on-year reduction of 11.6% in the total number of licences issued for new construction or refurbishment work in residential buildings. As for the number of dwellings licensed for new construction, there was a year-on-year variation of +1.5 per cent, corresponding to a total of 18,973 dwellings. New mortgage loans totalled 10,662 million euros in July, an increase of 9.7% year-on-year. The implicit interest rate on mortgage loans rose by 2.97 percentage points to 3.88% in July. The median house valuation for bank loan purposes rose by 7.6 per cent year-on-year in July, as a result of variations of 7.8 per cent in flats and 4.9 per cent in houses. In the spotlight: Autonomous Region of the Azores In the Azores , the number of dwellings licensed for new construction in the twelve months ending in July totalled 551, down 10% on the 612 dwellings licensed in the previous twelve months. Of these, 17 per cent are studio or one-bedroom units, 32 per cent are two-bedroom units, 36 per cent are three-bedroom units and 15 per cent are four-bedroom units or higher. As for the bank valuation of housing, there was a year-on-year variation of 7% in July in this region. Also read: From 2018 to 2022 only 10 houses were sold for every 1 built , New housing construction rose 2.3% in July
Source: Freepik Author: Redaction The INE (National Statistics Institute) released new figures this Monday on the median value of bank appraisals for housing , which stood at €1,525 per square metre in July, an increase of €7 compared to the previous month. According to the statistics office, the increases were common to all Portuguese regions compared to the previous month. Only the Autonomous Region of the Azores recorded a negative variation of -0.1%. On the other hand, the most significant increase was in the Autonomous Region of Madeira, where it was 3.3 per cent. Compared to the same month in 2022, the median value of valuations increased by 7.6 per cent, with the Autonomous Region of Madeira recording the strongest variation, of 20.5 per cent, while the North recorded the lowest, of 6.7 per cent. July this year was a month in which the median value of bank valuations of flats stood at 1,698€ per square metre, up 7.8% on July last year, and the highest values were seen in the Algarve and the Lisbon Metropolitan Area, with the median values standing at 2,187€/m 2 and 2,048€/m 2 respectively. The Alentejo was the region with the lowest value, at 1,115€/m 2 . On the other hand, the Autonomous Region of Madeira saw the highest year-on-year growth of 27.3 per cent and the North the lowest, at 7.4 per cent. As for the median values of bank appraisals for houses, INE provides an analysis in its bulletin: the median value of bank appraisals for houses was 1,184 euros/m 2 in July 2023, which represents an increase of 4.9 per cent compared to the same month of the previous year. The highest values were in the Algarve (2,144 euros/m 2 ) and the Lisbon Metropolitan Area (2,022 euros/m 2 ), while the Centre and Alentejo recorded the lowest values (960 euros/m 2 and 1,026 euros/m2, respectively). The Alentejo showed the highest year-on-year growth (12.6 per cent), and there were no reductions in any region. In order to calculate the number of bank valuations, INE states that 24,881 valuations were considered (16,125 flats and 8,756 houses), 13.1 per cent less than in the same period in 2022. Compared to the previous period, 1,869 more bank appraisals were carried out, corresponding to an increase of 8.1 per cent. Read more: Median value of bank property valuations up €8 , Economy grows 2.3% despite stagnation
Source: Freepik Author: Redaction The National Statistics Institute (INE) released this Wednesday the figures for the bank valuation of real estate, which in June rose € 8, standing at € 1,518 per square metre. This variation, compared to May, represents a growth of 0.5% in the value of bank valuation for the acquisition of real estate and, according to the statistical office, all regions showed increases compared to the previous month, with the most significant increase in the Autonomous Region of the Azores (3.8%), and the lowest in the Algarve (0.4%). Looking at the data for last year, the median value of the valuations increased by 7.9%, and it was in the flats that rose the most, according to the institute: the median value of bank valuation of flats was 1,692 euros / m 2 , having increased by 8.3% compared to June 2022. On the other hand, with regard to houses, the median value of the bank appraisal was 1,173 euros / m 2 in June 2023, which represents an increase of 4.5% over the same month of the previous year. The largest increases in bank valuation, for flats, took place in the Lisbon Metropolitan Area , with the value standing at 2,033 euros / m2, and only ahead of the capital was the Algarve region , with 2,160 euros / m 2 . In housing, values maintained the trend and it was in these two regions that values increased the most. INE points out: according to the median bank appraisal value index, in June 2023, the Algarve, the Metropolitan Area of Lisbon and the Autonomous Region of Madeira had appraisal values 41.3% and 33.5% and 5.4%, respectively, higher than the countrys median. Other SUPERCASA Notícias content to follow: Limitation on rent rises has been approved: find out what changes , Bank appraisal values fall but market remains robust
Source: Pexels Author: Redaction This morning INE released data from its usual survey on the Bank Valuation of Housing, i.e. the property valuation values used by banks when granting credit for house purchase. The most immediate conclusion is that, on a national level, the median value per square metre for the month of February fell around 0.5% to 1,478 euros. However, in year-on-year terms, the same indicator corresponds to an annual increase of 12.5%, or even, if we compare it to February 2021, to an increase of more than 25%. o mais imediata é a de que, a nível nacional, o valor mediano por m2 referente ao mês de fevereiro, caiu cerca de 0,5% para 1.478€. No entanto, em termos homólogos o mesmo indicador corresponde a um aumento de anual de 12,5% ou ainda, se compararmos com Fevereiro de 2021, a uma subida superior a 25%. Algarve and municipalities on the outskirts of Lisbon and Porto continue to rise In fact, on a more detailed analysis of the figures published by INE we can see that, despite a slight slowdown in the increase in valuation values, and inherently in transaction prices, the market continues to show signs of dynamism, with some regions in the Algarve and the outskirts of major cities showing consistent and strong rises, especially those located on the coast. This is the case, for example, in the municipalities of Alenquer , Almada , Torres Vedras , Sintra , Paços de Ferreira , Matosinhos and Faro , where the median values per m2 assessed by the commercial banks continued to rise in relation to the previous month and have already accumulated valuations in twelve months close to 20%. Municipalities such as Cascais showed a slight correction but continue to show strong dynamism, with valuations close to 20% in the last 12 months. Lisbon performed similarly to the national figures, but it was in the city of Porto that the correction in February was most evident (-3.4%) despite the fact that, in accumulated terms, it continued to show a stronger increase than that seen in the capital. Demand for bank financing shows sharp drop According to the INEs methodological note, the survey collects information on residential properties (houses and flats) which, as they are the object of a bank loan application by the purchaser, have an underlying technical and market valuation by expert appraisers. As such, it is obviously important to analyse the number of valuations carried out in order to calculate the median value of the bank valuation for February 2023. In this regard, the INE report indicates that the number of appraisals made in February of this year fell by about 8% compared to the previous month, totalling 20,311 appraisals. This number represents not only a drop of over 29.2% compared to February 22, but also a decrease of almost 39% compared to May 2022, when the maximum value of the INE data series was registered. Cash buyers may be on the increase Judging by the sharp reduction in the number of appraisals requested by banks, the demand for housing credit by clients may have actually decreased, mainly due to the rise in interest rates. However, the same data shows that this strong decrease in demand did not correspond to a general decrease in the median values of bank appraisals for housing credit purposes. In other words, despite the strong retraction in the implicit demand for mortgage loans, banks continue to increase median appraisal values in the main cities other than Lisbon or Oporto, thus reflecting the conditions and prospects of the market which, inherently, may therefore be being animated by more buyers who do not resort to financing. Related News: Detailed Housing Statistics for February 2023