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In the 1st half of 2022

Number of new lease agreements in the Autonomous Region of Madeira decreased year-on-year, while the house rental value per square meter increased

According to information released today by Statistics Portugal (INE), in the 1st half of 2022 (last 12 months), the median house rental value of the 1,276 new lease agreements of dwellings in the Autonomous Region of Madeira was 6.81 euros/m2, the highest value in the existing time series (which started in the second semester of 2017). Compared to the previous semester, the agreements increased by 4.5% and the median house rental value rose by 7.6%. This represents a drop of 4.6% and a growth of 10.7% when compared to the 1st half of 2021, by the same order.

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 (9.29 euros/m2), the Algarve (7.05 euros/m2) and Área Metropolitana do Porto (6.82 euros/m2). It should be noted that the national average stood at 6.25 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), Calheta and Machico. In the year of reference, Funchal accounted for 849 of the 1,276 new lease agreements, followed by Santa Cruz with 194, Câmara de Lobos with 54, Calheta with 47 and Machico with 35.

Looking at the median house rental value by municipality, Funchal (7.84 euros/m2) was the only municipality surpassing the value of the Region (6.81 euros/m2), followed by Santa Cruz (6.29 euros/m2), Machico (4.59 euros/m2), Câmara de Lobos (4.39 euros/m2) and Calheta (3.10 euros/m2).

Establishing a ranking by municipality, Funchal has the 25th 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 16th place.

In the 2nd quarter of 2022, the median house rental value in the Autonomous Region of Madeira was 7.35 euros/m2, corresponding to an increase of 16.3% year-on-year and of 4.4%, quarterly. In Funchal, that same value stood at 8.33 euros/ m2, rising by 20.7% over the same quarter of 2021 and by 4.4% compared to the previous quarter.

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