House Prices in Madeira Among Fastest-Growing in Portugal
Madeira has seen a hefty rise in house prices over the past year, with an increase of 19%, according to data from Idealista. This surge makes Madeira one of the regions with the fastest-growing real estate prices in Portugal. The average cost of buying a home on the island now stands at 3,127 euros per square meter.
Comparison with Mainland Portugal
While the 19% increase in Madeira is significant, most other parts of Portugal have seen more moderate price hikes. In mainland Portugal, the North region experienced an 11.4% rise, while the Lisbon Metropolitan Area saw an 8.7% increase. These figures pale in comparison to Madeira's robust growth, underscoring the unique dynamics of the island's real estate market.
Islands, Islands, Islands!
It is noteworthy that, in addition to Madeira, the six regions experiencing the most significant price hikes are exclusively other islands, see table above. This trend underscores the growing desirability of island living, with buyers attracted to the unique lifestyle and natural beauty that these locations offer. Madeira, by far, is the most expensive island.
Top Areas for Price Growth in Madeira
Within Madeira, the capital city of Funchal has seen some of the most substantial price hikes, reflecting its status as the island's economic and cultural hub. The average price of a property in Funchal has reached 3,428 euros per square meter, making it one of the most expensive places to buy a home on the island. Other areas of Madeira are also catching up, driven by the rising popularity of suburban and rural properties that offer a more tranquil lifestyle while still being accessible to the city's amenities.
Source: Idealista.pt
Care for a share?
Comments