Madeira Records Over 20% Yearly Increase in Rental Prices
In the third quarter of 2024, rental prices in Madeira reached unprecedented levels, according to data released by the National Institute of Statistics (INE). The median rental price for new contracts in the region climbed to €10.66/m², marking a 20.2% increase compared to the same period in 2023.
Funchal: 5.7% Less Rentals and 25.9% Growth in Price
As expected, Funchal accounted for 198 of the 319 new rental contracts signed during the quarter, despite experiencing a 5.7% year-over-year decline in volume. Funchal’s median rental price stood at €12.70/m², reflecting a 25.9% annual growth, positioning the city among the highest nationwide.
Funchal Among the Priciest Municipalities in Portugal
Nationally, Funchal secured the fourth spot for the highest rental prices among municipalities, surpassed only by Lisbon (€16.18/m²), Cascais (€15.88/m²), and Oeiras (€13.98/m²). This ranking underscores the growing pressure on housing costs in Madeira’s urban center.
Madeira Ranks Second Nationally in Rental Costs
Among Portugal’s nine NUTS II regions, Madeira was the second most expensive for rental prices, trailing only Greater Lisbon, where the median price reached €13.53/m². By comparison, the national average was €8.00/m², a figure that showed a 10.7% annual increase but remained well below Madeira’s levels.
Funchal Among the Priciest Municipalities in Portugal
Nationally, Funchal secured the fourth spot for the highest rental prices among municipalities, surpassed only by Lisbon (€16.18/m²), Cascais (€15.88/m²), and Oeiras (€13.98/m²). This ranking underscores the growing pressure on housing costs in Madeira’s urban center.
Key Facts: Madeira Rental Prices
Madeira's median rental price reached €10.66/m² in Q3 2024, a 20.2% annual increase (INE).
Funchal accounted for 198 of the 319 new rental contracts in the quarter.
Funchal’s median rental price rose to €12.70/m², a 25.9% year-over-year growth.
Funchal ranks 4th in Portugal for rental prices, behind Lisbon (€16.18/m²), Cascais (€15.88/m²), and Oeiras (€13.98/m²).
Madeira is the second most expensive NUTS II region, trailing Greater Lisbon (€13.53/m²).
Portugal’s national median rental price is €8.00/m², showing a 10.7% increase but remaining below Madeira’s rates.
Source: DREM
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