Madeira's Real Estate Market Outpaces National Growth
Madeira has seen a significant surge in housing prices over the past year, leading the nation with a 16.7% increase in July compared to the same month in the previous year. According to data from Idealista, the cost of purchasing a home on the island has now surpassed €3,000/m2. As of the end of July, the median price for homes in Madeira stood at €3,050/m2, marking a 1.6% increase over the previous quarter.
Real Estate Price Surge By Districts And Islands
Funchal Tops List as Most Expensive Municipality, Ponta do Sol Up 30%!
Within Madeira, the capital city of Funchal is the most expensive area to purchase property, with prices averaging €3,389/m2. Calheta follows closely behind at €3,339/m2. Other municipalities, such as Ponta do Sol, where prices rose by a remarkable 30.3% over the past year, and Ribeira Brava, which saw an 18.6% increase, also recorded significant gains. In contrast, Santana experienced the lowest increase at just 1.1%, with property prices reaching €1,463/m2.
National Trends: Madeira Leads the Way
On a national level, housing prices have increased by 7.7% over the last 12 months, with the average price reaching €2,696 / m2. Madeira’s 16.7% increase is the highest in the country, followed by the Azores at 16.6% and the Algarve at 8.4%. Despite these regional differences, the Lisbon Metropolitan Area remains the most expensive place to buy a home in Portugal, with prices at €3,743 / m2.
Idealista's Real Estate Price Index Methodology
The data presented by Idealista is based on the analysis of asking prices for properties listed on their platform. The index reflects the median prices of valid listings, excluding atypical properties and those that have remained inactive for extended periods. This methodology ensures that the index accurately represents current market conditions, providing a reliable benchmark for both buyers and sellers in the Portuguese real estate market.
Source: Idealista.pt
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