Bank real estate valuations in Portugal continue to rise with June registering the highest valuations for property in the country since 2008.

The area with the highest rise in property prices was found to be Lisbon, where prices have been consistently increasing for the past 15 months however, the Algarve continues to be the most expensive region of Portugal to buy a property.

According to a report by the Portuguese Office for National Statistics (INE), during June there was a 0.3% increase in the price of property per square metre in comparison to the month of May with average prices per square metre now standing at €1,180.

The property boom in Portugal, along with a rise in the applications for housing credit is being attributed to being behind the reason for the increases.

During the first six months of 2018, the price per square metre for property in Portugal rose by some €30.  This is directly reflected in the rising prices and a 100 square metre apartment bought in 2017 will now set a buyer back an additional €3,000.

According to Eco News: “Lisbon stands out as the city experiencing the strongest price increase, in May and June, as well as in terms of the overall yearly average. In June, banks assessment price per square metre reached €1,447, which translates into a €19 (1.33%) increase in comparison to May and a €55 (3.95%) increase in comparison to last year’s average of €1.392. This is the highest price level registered since April 2010.

The newspaper also noted that “the Algarve should also be mentioned, as its prices per square metre have also bloated. Price per square metre increased to €1,503 in June, which represents a €16 (1.08%) rise in comparison to May, and a €52 (3.58%) increase in comparison to the values practiced in December 2017. This region of the country is registering the highest price per square metre on the national level.”