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In the 2nd half of 2021

Number of new lease agreements decreased but the value by square meter rose

According to information released today by Statistics Portugal (INE), in the 2nd half of 2021 (last 12 months), the median house rental value of the 1,221 new lease agreements of dwellings in the Autonomous Region of Madeira was 6.33 euros/m2, the highest value in the existing short time series. Compared to the previous semester, the agreements declined by 8.7% and the median house rental value rose by 2.9%. By the same order, this represents a -5.1% and +5.7% growth when compared to the 2nd half of 2020.

Regarding house rental value by square meter, the Autonomous Region of Madeira was the fourth Region with the highest value among the 25 NUTS III regions, behind Área Metropolitana de Lisboa (8.90 euros/m2), the Algarve (6.85 euros/m2) and Área Metropolitana do Porto (6.51 euros/m2). The national average stood at 6.04 euros/m2.

Given the minimum number of 30 transactions established for dissemination purposes, the information is only available for the municipalities of Funchal, its contiguous municipalities (Câmara de Lobos and Santa Cruz) and Calheta. In the year of reference, Funchal concentrated 818 of the 1,221 lease agreements, followed by Santa Cruz with 177, Câmara de Lobos with 56 and Calheta with 48.

Looking at the median house rental value by municipality, Funchal (7.19 euros/m2) was the only municipality which stood above the value of the Region (6.33 euros/m2), followed by Santa Cruz (5.80 euros/m2), Câmara de Lobos (4.30 euros/m2) and Calheta (3.25 euros/m2).

Establishing a ranking by municipality, Funchal has the 16th highest rental value, after Lisbon, Porto and several municipalities of Área Metropolitana de Lisboa, Área Metropolitana do Porto and the Algarve region. In the previous semester, Funchal was in 19th place.

In the 4th quarter of 2021, the median house rental value in the Autonomous Region of Madeira was 6.70 euros/m2, corresponding to an increase of 8.9% year-on-year and of 5.2%, quarterly. In Funchal, that same variable stood at 7.92 euros/ m2, rising by 16.1% over the same quarter of 2020 and by 10.5% compared to the previous quarter.

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