In July 2023

Median value of housing bank appraisasl in the Autonomous Region of Madeira reached a new high of 1 652 euros per square meter

According to the data released today by Statistics Portugal (INE), in July 2023, the median value of housing bank appraisals in the Autonomous Region of Madeira (ARM) stood at 1 652 euros per square meter, marking an increase of 3.3% compared to the previous month (an additional 52 euros) and a 20.5% rise compared to the same month of the previous year (an increase of 281 euros).

For apartments, the median value of bank appraisal in the ARM was 1 753 euros per square meter, representing a change of +3.6% compared to June 2023 and +27.3% compared to the same month last year. In the case of row houses, this indicator was 1 497 euros per square meter, which was 0.2% lower than the value observed in the previous month and 12.4% higher compared to the value of the same month last year.

At the municipal level, it is worth noting that the median value of bank appraisal in Funchal, in July 2023, reached 2 060 euros per square meter, an increase of 6.0% compared to the previous month and a 26.4% rise compared to July 2022.

In addition to Funchal, during the referenced month, the municipalities of Câmara de Lobos and Santa Cruz also exceeded the minimum number of recorded observations (33). Their bank appraisal values reached 1 426 euros per square meter and 1 536 euros per square meter, respectively. Câmara de Lobos saw an increase of 1.3% compared to the previous month and 0.3% compared to the same month last year, while Santa Cruz experienced a monthly change of +3.9% and a year-over-year increase of +24.6%.

The median value of bank appraisal for the country as a whole was 1 525 euros per square meter, up by 7 euros over the previous month (+0.5%). The year-over-year change was +7.6% (+€108).

Among the 7 NUTS 2 regions of the country, the highest values were observed in the Algarve (2 176 euros per square meter) and Área Metropolitana de Lisboa (2 042 euros per square meter), followed by the Autonomous Region of Madeira (1 652 euros per square meter). Compared to the same period last year, the ARM (+20.5%) showed the highest change, while Norte (+6.7%) showed the lowest. Compared to the previous month, the ARM (+3.3%) led the increases, with the Autonomous Region of Azores showing a slight decrease (-0.1%).

Number of bank appraisals increased compared to the previous month but decreased year-over-year

For the calculation of the median bank appraisal value in July 2023, 548 appraisals were considered, which is a decrease of 16.7% compared to the same period of the previous year. Out of these, 306 were for apartments and 242 were for row houses. Compared to the previous month, the number of  appraisals conducted went up by 30, representing an increase of 5.8%.

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