In the 3^rd quarter of 2023

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

According to information released today by Statistics Portugal (INE), in the 3^rd quarter of 2023, the median house rental value for the 312 new lease agreements of dwellings in the ARM was 8.79 euros/m². Compared to the previous quarter, there was an increase of 22.4% in new lease agreements and 9.3% in the median rent value. Compared to the 3^rd quarter of 2022, there were changes of -4.3% and +16.4%, respectively.

Among the 25 NUTS 3 regions, the ARM ranked as the second region with the highest median rent value (8.79 euros/m²), just behind Área Metropolitana de Lisboa (11.40 euros/m²), which is in turn followed by Área Metropolitana do Porto (8.22 euros/m²), and Algarve (8.03 euros/m²) in the third and fourth positions, respectively. It is noteworthy that the national average was 7.25 euros/m² (-0.3% compared to the previous quarter; +10.5% compared to the same quarter last year).

During the reference period, Funchal, one of the cities with 100,000 or more inhabitants in the country, accounted for 208 out of the 312 new lease contracts, representing a quarterly increase of 34.2% and a year-on-year decrease of 8.8%. The median house rental value was 10.06 euros/m², showing an increase of +12.2% quarterly and +17.2% year-on-year.

In a ranking of municipalities in the country, Funchal remained in 10th place in terms of higher rent, following Lisboa, Porto, and most municipalities in Áreas Metropolitanas de Lisboa and Porto.

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