In June 2023

Median value of housing bank appraisals in the Autonomous Region of Madeira (ARM) reached a new record high of 1,600 euros per square meter

According to data released today by Statistics Portugal (INE), in June 2023, the median value of housing bank appraisals in the Autonomous Region of Madeira (ARM) reached a new record high of 1,600 euros per square meter., showing a 1.2% increase compared to the previous month (an additional 19 euros) and a significant 17.6% growth compared to the same month of the previous year (an additional 240 euros).

For apartments, the median value of bank appraisals in the ARM was 1,692 euros per square meter, reflecting a 4.0% increase compared to May 2023 and a 23.0% growth compared to the same month last year. In the case of row houses, this indicator stood at 1,500 euros per square meter, representing a 1.5% increase from the previous month and a 13.0% growth compared to the same month of the previous year.

At the municipal level, it is worth noting that the median value of bank appraisals in Funchal, in June 2023, reached 1,943 euros per square meter, which is a 3.2% increase compared to the previous month and a 20.5% rise compared to June 2022.

In addition to Funchal, in the reference month, the municipalities of Câmara de Lobos and Santa Cruz also exceeded the minimum number of recorded observations (33), with bank appraisal values of 1,408 euros per square meter and 1,479 euros per square meter, respectively. Câmara de Lobos experienced a 4.5% decrease compared to the previous month and a 7.6% growth compared to the same month of the previous year, while Santa Cruz recorded a monthly change of +0.5% and a year-on-year change of +21.4%.

The median value of bank appraisals in the country as a whole was 1,518 euros per square meter, which is 8 euros higher than the previous month (+0.5%). The year-on-year change was +7.9% (+111 euros).

Among the 7 NUTS 2 regions in the country, the highest values were observed in the Algarve (2,145 euros per square meter) and in Área Metropolitana de Lisboa (2,027 euros per square meter), followed by the ARM (1,600 euros per square meter). Compared to the same month of the prior year, the ARM presented the highest change (+17.6%) and Centro (+6.2%) the lowest. Vis-à-vis May 2023, the Autonomous Region of the Azores (+3.8%) led the increases, with Algarve (+0.4%) last in the ranking.

Number of bank appraisals decreased compared to the previous month and the same month last year

For the calculation of the median value of bank appraisals in June 2023, a total of 518 appraisals were considered. This reflects a decrease of 22.7% compared to the same period in the previous year. Out of these appraisals, 277 were for apartments, while 241 were for houses. In comparison to the previous month, there were 34 fewer appraisals, indicating a decrease of 6.2%.

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