In August 2024

Median value of bank appraisals for housing in the Autonomous Region of Madeira increased by 13.1% year-on-year

According to data released today by Statistics Portugal (INE), in August 2024, the median value of bank appraisals for housing in the Autonomous Region of Madeira (ARM) was 1 929 euros/square meter. This figure represents an increase of 0.1% compared to the previous month - up by 1 euro - and a growth of 13.1% compared to the same month in the previous year, which translates to an additional 224 euros.

For apartments, the median value of bank appraisals in the ARM stood at 1 984 euros per square meter, reflecting a decrease of 0.3% compared to July 2024 and a significant rise of 11.1% from August of the previous year. For houses, this indicator was 1 817 euros per square meter, which is 0.8% higher than the previous month and 25.3% higher than the same month a year earlier.

At the municipal level, it is noteworthy that in August 2024, the median value of bank appraisals in Funchal was 2 244 euros per square meter, marking an increase of 1.5% from the previous month and 9.5% from August 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 1 857 euros per square meter and 1 795 euros per square meter, respectively. Câmara de Lobos observed a monthly increase of 0.4% and a year-on-year rise of 31.9%, whereas Santa Cruz experienced a monthly decrease of 1.5% and a year-on-year growth of 15.7%.

Nationally, the median value of bank appraisals was 1 664 euros per square meter, up by 26 euros (or 1.6%) from the previous month, with a year-on-year growth of 8.2% (an additional 126 euros).

Among the nine NUTS 2 regions of the country, the highest values were recorded in Grande Lisboa (2 456 euros per square meter) and Algarve (2 228 euros per square meter), followed by the ARM at 1 929 euros per square meter. Compared to the same period last year, Oeste e Vale do Tejo (+13.2%) showed the highest positive change while Algarve (3,0%) showed the lowest Compared to the previous month, the Autonomous Region of Azores (+3.5%) led the increases, followed by the Autonomous Region of Madeira (+0.1%) at the opposite pole.

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

In August 2024, a total of 664 appraisals were considered, marking a 27.9% increase from the previous year. Of these, 365 were for apartments and 299 for houses. Compared to the previous month, the number of appraisals went up by 30, representing a 4.3% decrease. Nationally, the year-on-year change in the number of bank appraisals was +29.0%, while the month-on-month change was -2.7%.

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