In January 2023

Median value of bank appraisals on housing in the Autonomous Region of Madeira stood at 1,502 euros/square meter

According to data released today by Statistics Portugal (INE), in January 2023, the average value of bank appraisals on housing in the Autonomous Region of Madeira reached 1,502 euros/square meter, increasing by 1.0% from December 2022 and by 16.1% over the same month last year. This value is a new maximum of the available time series (since January 2011).

In flats located in the Autonomous Region of Madeira, the median value of bank appraisals in the month of reference was 1,560 euros/square meter, up by 0.6% when compared to the previous month and rising by 18.4% over the same month last year. In row houses, this indicator stood at 1,443 euros/square meter, 0.3% lower than the value recorded in the previous month, and up by +15.1% over the same month last year.

At a municipal level, it is worth noting that the median value of bank appraisals in Funchal, in January 2023, reached 1,747 euros/square meter, a decrease of 0.2% over the previous month and of 15.7% year-on-year.

Besides Funchal, the municipalities of Câmara de Lobos and Santa Cruz also exceeded the minimum figure of observations (33) in the month in reference. Their bank appraisal values stood at 1,567 euros/square meter and at 1,386 euros/square meter, respectively. Câmara de Lobos recorded an increase of 3.7% compared to the previous month and an increase of 31.6% over the same month last year. The municipality of Santa Cruz registered a monthly increase of 0.5% and a year-on-year growth of 16.6%. 

For Portugal, the median value of bank appraisals reached 1,485 euros/square meter in the month of reference, up by 27 euros from the previous month (+1.9%). The year-on-year change was +14.9%. 

Considering the NUTS2 regions of the country, the highest values were recorded in Algarve (2,090 euros/square meter) and in Área Metropolitana de Lisboa (1,988 euros/square meter) followed by the Autonomous Region of Madeira (1,502 euros/square meter).

Number of bank appraisals decreased compared to the previous month and also if compared to the corresponding period of the prior year

For the calculation of the median value of bank appraisal in January 2023, 474 appraisals were considered, down by 28.3% over the same period of the previous year. Of these, 257 were flats and 217 were houses. Compared to the previous month, the number of bank appraisals went down by 29, corresponding to a decrease of 5.8%.

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