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DREM releases information on the median price of housing in the Autonomous Region of Madeira for the 1st quarter 2021 

Statistics Portugal (INE) released today the information for the 1st quarter 2021 for the median price of dwelling sales.

Based on that information, this press release is divided into two sections, both related to the median value in the 1st quarter: the first based on information for the last 3 months and the second on data for the last 12 months. This enables a more detailed analysis of the effects of the Covid-19 pandemic in house prices. 

The growth of house prices decelerated in the last three months 

In the 1st quarter of 2021 (last 3 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 402 euros per square meter, positioning itself, along with Algarve (1 755 euros per square meter), Área Metropolitana de Lisboa (1 685 euros per square meter) and Área Metropolitana do Porto (1 333 euros per square meter), above the national value (1 241 euros per square meter). 

In the reference quarter, the growth of this variable decelerated in the Region. While in the 4th quarter, the year-on-year growth rate of the median value of dwelling sales by square meter had been 3.7%, in the 1st quarter 2021 it dropped to 1.4% (a decrease of 2.3 percentage points). In Portugal the reduction was more pronounced, at -4.7 p.p.  

The Median price of dwelling sales reaches a new high 

In the 1st quarter 2020 (last 12 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 323 euros per square meter. Compared to the previous quarter, the price went up by 0.1% and year-on-year by 5.8%. In the same order, the growth rates for the country (1 197 euros per square meter) were +0.8% and +7.2%, respectively. It should also be noted that in the Autonomous Region of Madeira, the value for new dwellings (1 535 euros per square meter) continued to exceed that of existing dwellings  (1 267 euros per square meter) by 268 euros per square meter. 

In the last two years, i.e. comparing the 1st quarter 2021 versus the same quarter of 2019, there was a 10.5% growth on the median price of family housing, below the country's average (18.4%). 

In the reference quarter, the median value of dwelling sales in Portugal stood at 1 197 euros per square meter, reaching 1 333 euros per square meter for the new dwellings and 1 172 euros per square meter for the existing dwellings. 

It should be highlighted that the median value of dwelling sales in both Portugal and the Autonomous Region of Madeira is the highest value of the series, which started in the 1st quarter 2016. 

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