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In the 1st quarter 2021

Number of new lease agreements in the Autonomous Region of Madeira decreased, while the house rental value by square meter remained stable

Statistics Portugal (INE) started today to release provisional quarterly data regarding new lease agreements registered in the last 3 months, for NUTS3 sub-regions and municipalities with more than 100 thousand inhabitants. With the release of the results for the 2nd and 4th quarter, the usual semi-annual data (last 12 months) will continue to be published, including results for municipalities and for parishes in the metropolitan areas of Lisbon and Porto. Given the above, DREM will from now on release a new times series with these statistics every quarter, for the Autonomous Region of Madeira and the municipality of Funchal.

In the 1st quarter 2021 (last 3 months), the median house rental value of the 296 new lease agreements of dwellings in the Autonomous Region of Madeira was 5.90€/m2. Compared to the previous quarter, the agreements dropped by 16.6% and the median house rental value declined by 4.1%. By the same order, this represents a 10.8% and a 0.2% decrease when compared to the 1st quarter of 2020.

Regarding house rental value by square meter, the Autonomous Region of Madeira was the fourth Region with the highest value among the seven Portuguese NUTS3 regions, behind Área Metropolitana de Lisboa (8.52 €/m2), Algarve (6.67€/m2) and Área Metropolitana do Porto (6,15 €/m2). The national average stood at 5.80€/m2.

In the period in reference, Funchal, one of the cities with 100,000 or more inhabitants in the country, concentrated 198 of the 296 new lease contracts, reflecting a quarterly drop of 22.0% and a year-on-year decline of 6.6%. The median house rental value of these 198 agreements was 6.69€/m2, decreasing by 1.9% from the previous quarter and by 1.0% year-on-year.

In a ranking by municipality, Funchal has the 12th highest rental value, behind Lisbon, Porto and several municipalities of Área Metropolitana de Lisboa, Área Metropolitana do Porto and of the Region of Algarve. In the previous quarter Funchal ranked 11th.

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