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Transacted dwellings in the Autonomous Region of Madeira hit record highs
The Directorate of Statistics of Madeira (DREM) presents the quarterly and annual data of Transacted Dwellings series, revised and extended with new indicators after the Portuguese Tax and Customs Authority (AT) made available more detailed and additional information to Statistics Portugal (INE).
This additional information makes available new indicators for the Autonomous Region of Madeira (ARM): the number and value of dwelling transactions, broken down by the buyer's institutional sector (households and other sectors), on a quarterly basis (as of the 1st quarter of 2019) and the buyer's tax residence (National Territory, European Union, and Remaining Countries), on an annual basis (as of 2019).
It should also be noted that this additional information provided to INE by the AT has led to the suppression of redundant records of Property Transfer Tax (IMT) assessments and consequently in the downward revision of the number and total value of dwelling transactions.
It should also be recalled that this information is obtained from the administrative tax data on the IMT and the Municipal Property Tax (IMI), which are provided monthly to INE by AT, on the basis of a cooperation protocol signed between these two entities.
Analysis of the results
In 2021, 3,571 dwellings were sold in the Autonomous Region of Madeira, which represents an increase of 32.0% over the previous year. It should be noted that this figure is the highest in the available time series, which began in 2009.
Of the total number of dwellings sold, 2,923 were existing dwellings (81.9% of the total), while the remaining 648 (18.1%) were new dwellings. To highlight that both segments showed positive changes compared to 2020: +11.5% for existing dwellings; +37.6% for new dwellings.
The value of the dwellings transacted in 2021 reached 611.4 million euros, representing a 49.0% increase over the previous year. This value represents a new maximum of the time series, surpassing the previous one (410.2 million euros), recorded in 2020. In new dwellings, the value of sales exceeded 151.2 million euros, while the value of sales of existing dwellings reached 460.1 million euros, representing an increase of 26.4% and 58.4%, respectively compared to 2020.
Across the country, 165.7 thousand dwellings were transacted in 2021, an increase of 20.5% over the previous year. These transactions generated a turnover of 28.1 million euros, +31.1% than in 2020.
In 2021, dwelling transactions, whose buyers belonged to the institutional sector of households, accounted for 84.3% in number and value of the total transactions recorded in the Autonomous Region of Madeira, slightly lower than that observed in 2020 (88.4% and 89.2%, in the same order). This year, 3,012 transactions with an equivalent value of 515.6 million euros were registered in this sector, which represents, an increase of 41.0% and 25.9%, respectively compared to 2020. At a national level, the purchase of dwellings by families accounted for 85.6% (number) and 85.7% (value) of the national total this year.
Between 2019 and 2021, the value of dwellings sales in the Autonomous Region of Madeira, whose buyer had the national territory as tax residence, reached 1,309.8 million euros (92.8% of the total), followed by the European Union, with 74.7 million euros (5.3% of the total), and other countries, with 26.9 million euros (1.9% of the total). With regard to the number of transactions reviewed during these 3 years, 95.0% had a tax resident buyer in the national territory (8,620 transactions), 3.7% in the European Union (340) and 1.3% in other countries (116). During this period, the value of dwelling sales across the country involving buyers who had their tax residence in the national territory, rose to 64.8 million euros (89.8% of the total value), representing 433.0 thousand transactions (94.5%).
In the Autonomous Region of Madeira and in the 4th quarter of 2021, there were 980 dwelling transactions, up by 25.0% over the same quarter of the previous year and up by 11.7% over an in the previous quarter. In turn, the value of transacted dwellings stood at 182.2 million euros, growing by 57.4% over the same quarter of 2020 and by 27.5% over the previous quarter.
In the quarter under review, Madeiran households acquired 850 dwellings, up by +10.1% and +20.2% over the previous quarter and over the same quarter, respectively. In terms of value, transactions of this nature amounted to 158.5 million euros, rising by 50.2% compared to the 4th quarter of 2020.
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