In February 2024

Median value of bank appraisals on housing in the Autonomous Region of Madeira increased year-on-year but remained unchanged compared to the previous month

According to data released today by Statistics Portugal (INE), in February 2024, the median value of bank appraisal for housing in the Autonomous Region of Madeira (ARM) was 1,787 euros/square meter, the same as the preceding month, but it increased by 19.1% compared to the same month of the previous year (+287 euros).

For apartments, the median value of bank appraisals in the ARM was 1,863 euros/square meter, reflecting a slight positive change of +0.4% compared to January 2024 and a significant increase of +19.6% compared to the same month in the previous year. In the case of houses, this indicator was 1,623 euros/square meter, a 0.3% decrease from the previous month and a 15.1% increase compared to the same month last year.

At the municipal level, it is noteworthy that the median value of bank appraisals in Funchal, in February 2024, was 2,076 euros/square meter, +1.1% compared to the preceding month and +19.1% vis-à-vis February 2023.

In addition to Funchal, in the reference month, Câmara de Lobos and Santa Cruz also exceeded the minimum number of recorded observations (33), with appraisal values reaching 1,604 euros/square meter and 1,652 euros/square meter, respectively. Câmara de Lobos and Santa Cruz recorded an increase of 1.6% compared to the previous month. In year-on-year terms, both municipalities also recorded increases, of +5.4% and +16.8%, in the same order.

The median value of bank appraisals in the country was 1,560 euros/square meter, which is 10 euros higher than the previous month (+0.6%). The year-on-year change was +5.5% (+82 euros).

Among the 9 NUTS 2 regions of the country, the highest values were observed in Grande Lisboa (2,300 euros/square meter) and Algarve (2,118 euros/square meter), with the ARM (1,787 euros/square meter) ranking next. Compared to the same period last year, the ARM (+19.1%) showed the highest positive change and Algarve (+1,7%) showed the lowest. Compared to the previous month, the Autonomous Region of Azores (+2.6%) led the increases, while the ARM was at the opposite end with a null change (0.0%).

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

For the determination of the median value of bank appraisals in February 2024, 568 appraisals were considered, up by +29.4% over the same period of the previous year. Of these, 313 were for apartments and 255 for houses. Compared to the previous month, the number of appraisals went up by 7, representing an increase of 1.2%.

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