In August 2023

Median value of bank appraisal for housing in the Autonomous Region of Madeira reached a new high of 1,705 euros per square meter

According to data released today by Statistics Portugal (INE), in August 2023, the median value of bank appraisal for housing in the Autonomous Region of Madeira stood at 1,705 euros/square meter, representing an increase of 3.2% compared to the previous month (up by 53 euros) and a 23.1% rise compared to the same month of the previous year (an increase of 320 euros).

For apartments, the median value of bank appraisal in the Autonomous Region of Madeira was 1,785 euros/square meter, indicating a 1.8% increase compared to July 2023 and a 28.2% rise compared to the same month last year. In the case of row houses, this indicator was 1,450 euros/square meter, which is 3.1% lower than the previous month but 4.8% higher than the value for the same month last year.

At the municipal level, it is worth noting that the median value of bank appraisal in Funchal in August 2023 was 2,049 euros/per square meter, which is 0.5% lower than the previous month but 24.6% higher than in August 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 reaching 1,408 euros/square meter and 1,551 euros/square meter, respectively. Câmara de Lobos saw a decrease of 1.3% compared to the previous month and an increase of 1.1% compared to the same month last year, while Santa Cruz recorded a monthly change of +1.0% and a year-on-year rise of +22.2%.

The median value of bank appraisal in the entire country was 1,538 euros/square meter, which is 13 euros higher than the previous month (+0.9%). The year-on-year change was +8.8% (+124 euros).

In the context of the 7 NUTS II regions of the country, the highest values were observed in the Algarve (2,164 euros/square meter) and Área Metropolitana de Lisboa(2,054 euros/square meter), with the Autonomous Region of Madeira (1,705 euros/square meter) coming in third. Compared to the previous year, the Autonomous Region of Madeira (+23.1%) showed the highest change, while Norte (+7.9%) showed the lowest. Compared to the previous month, the Autonomous Region of Azores (+5.6%) led the increases, followed by the Autonomous Region of Madeira (+3.2%), with the Algarve showing a slight decrease (-0.6%).

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

For the determination of the median value of bank appraisal in August 2023, a total of 519 appraisals were considered, which is 18.3% lower than the same period of the previous year. Of these, 308 were for apartments and 211 were for houses. Compared to the previous month, there were 29 fewer appraisals, representing a decrease of 5.3%.

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