October Sees Madeira’s Housing Prices Break €2,000/m² Barrier
The median bank appraisal value for housing in Madeira surpassed €2,000/m² for the first time, reaching €2,010 in October 2024, according to data released by Portugal’s National Statistics Institute (INE). This marks a 2.6% increase from September (an additional €51) and a 17.4% rise compared to October 2023, amounting to a €298 increase year-on-year.
Apartments Lead the Surge in Prices
In Madeira, apartments posted a median valuation of €2,140/m², up 5.0% from September and 20.0% compared to the same period last year. By contrast, houses were appraised at €1,852 per square meter, reflecting a monthly increase of 1.4% and a year-on-year rise of 15.8%.
Funchal Tops the Regional Rankings, Up 22.4% Within 12 Months
Among Madeira’s municipalities, Funchal recorded the highest bank valuation, with €2,395/m² in October. This figure represents a 4.7% increase from September and a significant 22.4% jump from October 2023. Meanwhile, Câmara de Lobos and Santa Cruz, the only other municipalities meeting the statistical threshold of 33 observations (see footer), reported median values of €1,936 and €1,855 per square meter, respectively. Câmara de Lobos saw a monthly rise of 2.1% and a yearly increase of 27.3%, while Santa Cruz posted gains of 2.5% month-on-month and 16.4% year-on-year.
Madeira Leads Nationwide Growth
On a national scale, the median bank appraisal for housing stood at €1,721 per square meter in October, up €26 (1.5%) from the previous month and €185 (12.0%) year-on-year. Madeira’s growth rates outpaced other regions, with a 17.4% annual increase and a 2.6% monthly rise - the highest in the country. Greater Lisbon (€2,523/m²) and the Algarve (€2,321/m²) maintained the highest overall appraisals, with Madeira (€2,010/m²) ranking third. The Alentejo recorded the lowest growth, with a 4.5% annual increase.
Bank Valuations Increase Nationwide, Reflecting Active Real-Estate Market
October 2024 saw 739 bank appraisals conducted in Madeira, a 32.2% increase from the same month in 2023. Of these, 421 were for apartments and 318 for houses. Compared to September 2024, the number of evaluations rose by 46, an increase of 6.6%. Nationally, the total number of bank appraisals rose by 29.9% year-on-year and 5.5% month-on-month, reflecting heightened activity in the real-estate market.
Source: DREM
Note: The reference to "33" in this context refers to the minimum number of observations or data points required to calculate a statistically reliable median bank appraisal value for housing within a municipality. In other words, to ensure the accuracy and significance of the reported median value, at least 33 property appraisals must have been conducted and recorded for a municipality within the period being analyzed.
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