In July 2024

Median value of bank appraisals for housing in the Autonomous Region of Madeira increased by 16.7% year-on-year

According to data released today by Statistics Portugal (INE), in July 2024, the median value of bank appraisals for housing in the Autonomous Region of Madeira (ARM) was 1 928 euros/square meter. This figure represents an increase of 2.2% compared to the previous month - up by 42 euros - and a growth of 16.7% compared to the same month in the previous year, which translates to an additional 276 euros.

For apartments, the median value of bank appraisals in the ARM stood at 1 989 euros per square meter, reflecting an increase of 1.1% compared to June 2024 and a significant rise of 13.5% from July of the previous year. For houses, this indicator was 1,803 euros per square meter, which is 1.6% higher than the previous month and 20.4% higher than the same month a year earlier.

At the municipal level, it is noteworthy that in July 2024, the median value of bank appraisals in Funchal was 2 211 euros per square meter, marking an increase of 1.4% from the previous month and 7.3% from July 2023.

Additionally, the municipalities of Câmara de Lobos and Santa Cruz, which surpassed the minimum threshold of observations (33), registered a median value of bank appraisals of 1 850 euros per square meter and 1 822 euros per square meter, respectively. Câmara de Lobos observed a monthly increase of 6.6% and a year-on-year rise of 29.7%, whereas Santa Cruz experienced a monthly increase of 1.2% and a year-on-year growth of 18.6%.

Nationally, the median value of bank appraisals was 1 638 euros per square meter, up by 20 euros (or 1.2%) from the previous month, with a year-on-year growth of 7.4% (an additional 113 euros).

Among the nine NUTS 2 regions of the country, the highest values were recorded in Grande Lisboa (2 411 euros per square meter) and Algarve (2 217 euros per square meter), followed by the ARM at 1 928 euros per square meter. Compared to the same period last year, the ARM (+16.7%) showed the highest positive change while Algarve (+1,9%) showed the lowest. Compared to the previous month, the ARM (+2.2%) led the increases, whereas Alentejo was the only region with a negative change (-1.1%). 

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

In July 2024, a total of 694 appraisals were considered, marking a 26.6% increase from the previous year. Of these, 381 were for apartments and 313 for houses. Compared to the previous month, the number of appraisals went up by 10, representing a 1.5% increase. Nationally, the year-on-year change in the number of bank appraisals was +31.1%, while the month-on-month change was +2.8%. 

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