In December 2024

Median value of bank appraisals for housing in the Autonomous Region of Madeira declined to 2 000 euros per square meter

According to data released today by Statistics Portugal (INE), in December 2024, the median value of bank appraisals for housing in the Autonomous Region of Madeira (ARM) was 2 000 euros/square meter. This figure represents a decrease of 2.0% compared to the previous month (i.e. -40 euros).  This decline interrupts a growth trend that had lasted for eight consecutive months. Compared to the same month of the previous year, an increase of 16.4% (+282 euros) was observed.

For apartments, the median value of bank appraisals in the ARM stood at 2 136 euros per square meter, reflecting a decrease of 3.8% compared to November 2024 and a rise of 17.4% from December of the previous year. For houses, this indicator was 1 827 euros per square meter, which is 0.6% higher than the previous month and 14.2% above that recorded in the same month last year.

At the municipal level, it is noteworthy that in December 2024, the median value of bank appraisals in Funchal was 2 332 euros per square meter, marking a decrease of 3.4% from the previous month and 17.6% from December 2023.

In addition to Funchal, the municipalities of Câmara de Lobos and Santa Cruz, also surpassed the minimum threshold of observations (33), registered a median value of bank appraisals of 1 764 euros per square meter and 1 883 euros per square meter, respectively. Câmara de Lobos observed a monthly decrease of 9.4% and a year-on-year rise of 7.8%, whereas Santa Cruz experienced a monthly increase of 0.4% and a year-on-year growth of 16.5%.

Nationally, the median value of bank appraisals was 1 747 euros per square meter, up by 7 euros (or +0.4%) from the previous month, with a year-on-year growth of 13.7% (an additional 211 euros). 

Among the nine NUTS 2 regions of the country, the highest values were recorded in Grande Lisboa (2 585 euros per square meter) and Algarve (2 294 euros per square meter), followed by the ARM at 2 000 euros per square meter. Compared to the same period last year, the ARM (+16.4%) showed the highest positive change, while Alentejo (+3,0%) showed the lowest. Compared to the previous month, the Oeste e Vale do Tejo region (+1.2%) led the increases, whereas the ARM (-2.0%) saw the largest decline.

Number of bank appraisals increased year-on-year

In December 2024, a total of 839 appraisals were considered, marking a 46.2% increase from the previous year. Of these, 485 were for apartments and 354 for houses. Compared to the previous month, the number of appraisals went up by 33, representing a 4.1% increase. Nationally, the year-on-year change in the number of bank appraisals was +26.1%, while the month-on-month was nearly negligible.

In 2024, the median value of bank appraisals on housing in the Autonomous Region of Madeira grew above the national average

In 2024, the median value of bank appraisals on housing rose to 1 904 euros per square meter, an increase of 14.8% compared to 2023. Considering the type of dwelling, in 2024, the median value of bank appraisals increased by 16.7% for apartments and by 15.4% for houses, to 2 017 euros per square meter and 1 760 euros per square meter, respectively.

At the country level, the median value was 1 662 euros per square meter, with an overall growth of 9.3% compared to 2023. This rise was more pronounced for apartments (+9.3%, reaching 1 851 euros per square meter) than for houses (+8.6%, with a value of 1 287 euros per square meter).

Regarding the annual number of bank appraisals, a total of 8 238 were conducted, representing a +30.3% increase compared to 2023, with the growth being more significant for houses (+31.1%) than for apartments (+29.7%).

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