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In the second quarter 2020
Economic conditioning related to COVID-19 pandemic affected severely the housing market in the Autonomous Region of Madeira
In the second quarter 2020, 525 dwellings were traded in the Autonomous Region of Madeira, down by 38.5% over the previous quarter and by 28.7% compared to the 2nd quarter 2019. This is the lowest number of transacted dwellings since the 3rd quarter 2016.
From that total, 390 were existing dwellings and the remaining 135, new dwellings. Compared to the previous quarter, the number of traded existing dwellings went down by 38.5% (-32.3% y-o-y) and while for the new dwellings there was a 38.4% decline (-15.6% y-o-y).
The value of transacted dwellings in the reference quarter was approximately 75.1 million euros, representing a 43.9% decrease over the previous quarter and a 23.3% drop compared to the same quarter of the prior year. The sales value for the new dwellings stood at 23.6 million euros and for the existing dwellings at 51.4 million euros.
In Portugal, the number of transacted dwellings in the second quarter 2020 reached 33.4 thousand (a 23.3% decrease compared to the last quarter), generating a sales value of 5.1 billion euros (-23.8%). The y-o-y growth rates were -21.6% and -15.2%, respectively.
Evidently, the aforementioned drops in the Region and in the country, were a consequence of the COVID-19 pandemic, which greatly affected the economy in the reference quarter.