In the 1^st quarter of 2023,

Number of new new lease agreements in the Autonomous Region of Madeira decreased compared to the same period last year, while the value per square meter increased

According to information released today by Statistics Portugal (INE), in the 1^st quarter of 2023, the median house rental value for the 343 new lease agreements for in the Autonomous Region of Madeira (ARM) stood at 7.73 euros per square meter. There was a decrease of 3.7% in the number of new contracts compared to the previous quarter and a 2.5% increase in the median house rental value. When compared to the 1^st quarter of 2022, the trends remained the same, with a 6.5% decrease in the number of agreements and a 9.8% increase in the median value of rents.

Among the 25 NUTS 3 regions, the ARM ranked as the third region with the highest house rental value (7.73 euros per square meter), following Área Metropolitana de Lisboa (10.26 euros per square meter) and the Algarve (7.81 euros per square meter), and ahead of Área Metropolitana do Porto (7.29 euros per square meter). It is worth noting that the national average was 6.74 euros per square meter, reflecting a 9.4% year-on-year increase and a 2.5% decrease compared to the previous quarter.

During the reference period, Funchal, one of the cities with 100,000 or more inhabitants in the country, accounted for 225 out of the 343 new lease agreements, showing a +0.4% quarterly change and a -12.1% year-on-year change. The median value of these agreements was 8.90 euros per square meter, with a -0.3% monthly change and a +11.5% year-on-year change.

Regarding the highest rents, Funchal ranked 9th among the municipalities in the country, following Lisbon, Porto, and most of the municipalities in Área Metropolitana de Lisboa and Porto.

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