For the 2^nd quarter of 2024

DREM releases information regarding the median price of dwellings in the Autonomous Region of Madeira 

Statistics Portugal (INE) released today information on the median price of dwellings for the 2^nd quarter of 2024. This note is divided into two parts: one analysing the results of the quarter under review, considering only the three months of the quarter, and another providing information for the last twelve months.

It is important to note that this information is derived from administrative tax data from the Municipal Property Transfer Tax (IMT) and the Municipal Property Tax (IMI), provided monthly by the Tax and Customs Authority (AT) to Statistics Portugal (INE), based on a collaboration protocol established between these two bodies of the Central Government.

Median price of dwellings grew above the national average, in the last three months, in year-on-year terms

In the 2^nd quarter of 2024 (last 3 months), the median price of dwellings in the ARM was 2,080 euros/square meter, a value which stands below Grande Lisboa (2,801 euros/square meter) and Algarve (2,735 euros/square meter), but above the national average (1,736 euros/square meter). Alentejo (841 euros/square meter) was the only current 9 NUTS 2 region with values below 1,000 euros/square meter.

While the year-on-year growth rate of the median sales price of dwellings per square meter was +20.6% in the 1^st quarter of 2024, this growth slowed to 8.6% in the 2^nd quarter, although it remained above the national rate (+6.6%). However, at the national level, there was an acceleration in housing prices, with the year-on-year growth rate rising from 5.0% in the 1^st quarter of 2024 to 6.6% in the 2^nd quarter. Compared to the previous quarter, the ARM saw an increase of 1.7%, below the national growth rate of 5.6%.

Considering municipalities with more than 100,000 inhabitants, Funchal recorded a median price (2,732 euros/square meter) higher than the ARM average (2,080 euros/square meter), showing a year-on-year growth of 6.8%. Compared to the previous quarter, the change was 3.5%.

In the 2^nd quarter of 2024, the median value of dwellings transacted in the ARM involving buyers with tax residence abroad was 2,808 euros/square meter, whereas, for transactions made by buyers with tax residence within the national territory, this value was 2,000 euros/square meter. The median price of dwellings acquired by households was 2,062 euros/square meter, and for those buyers belonging to other institutional sectors, it stood at 2,226 euros/square meter.  

Funchal ranked 12^th amongst municipalities with the highest median value in the country

In the 2^nd quarter of 2024 (last 12 months), the median price of dwellings in the Autonomous Region of Madeira was 2,023 euros/ square meter, above the value recorded for the country (1,661 euros/ square meter). It should be noted that the value of the ARM was only below Grande Lisboa (2,782 euros/ square meter) and Algarve (2,677 euros/ square meter). Additionally, in the ARM, the value of new dwellings (2,556 euros/m2) continued to exceed the value of existing dwellings (1,839 euros/ square meter), by 717 euros/ square meter. It is also worth mentioning that, in the 2^nd quarter of 2024, the ARM registered a year-on-year growth of 19.8%, higher than the national average (+7.8%) and the highest among the current 9 NUTS 2 regions.   

During this period, the median value of dwellings transacted in the ARM acquired by buyers with tax residence abroad was 2,614 euros/square meter, higher than for transactions made by buyers with tax residence within the national territory, which stood at 1,971 euros/square meter. The median price of dwellings acquired by households was 2,049 euros/square meter, while for buyers belonging to other institutional sectors, it was 1,885 euros/square meter.

In the municipality of Funchal, the median housing price, in the 2^nd quarter of 2024, stood at 2,636 euros/square meter, meaning that this municipality was the only one in the ARM to register a value above the regional average (higher by 613 euros/square meter). In the national ranking, was 12th amongst municipalities with the highest median value. The list continues to be led by Lisboa (4,203 euros/square meter), with the following positions occupied by municipalities in Grande Lisboa, Algarve, and the municipality of Porto.

In addition to Funchal, the municipalities of Santa Cruz, Porto Santo, and Câmara de Lobos, although recording prices below the ARM average, stood out as they presented significant values above 1,600 euros (1,895 euros/square meter, 1,710 euros/square meter and 1,690 euros/square meter, respectively). The lowest value was observed in Santana (967 euros/square meter). 

In the parishes of the municipality of Funchal, Sé stands out, as it presents, in the 2^nd quarter of 2024, a value above 3,000 euros/square meter (3,591 euros/square meter), being the only one, along with São Martinho (2,943 euros/square meter), to exceed the municipal average (2,636 euros/square meter). Following are Santa Luzia, with 2,540 euros/square meter, São Pedro, with 2,493 euros/square meter, Santo António, with 2,222 euros/square meter, and São Roque, with 2,037 euros/square meter.

In the parish of Caniço, the median price of dwellings, in the 2^nd quarter of 2024, amounted to 2,025 euros/square meter, exceeding the average for the municipality of Santa Cruz (1,895 euros/square meter) by 130 euros/square meter.  

In the 2^nd quarter of 2024, in the ARM, the median price of sales of T0 or T1 type accommodations was 2,239 euros/square meter, the highest when compared to other typologies (T2, 2,114 euros/square meter; T3, 2,028 euros/square meter; T4 or higher, 1,363 euros/square meter). In the municipality of Funchal, all analysed typologies presented substantially higher values than the Region average, with T0 or T1 registering the highest value (3,000 euros/square meter).

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