In the second half of 2023

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

According to information released today by Statistics Portugal (INE), in the second semester of 2023 (last 12 months), the median house rental value for the 1,261 new lease agreements of dwellings in the Autonomous Region of Madeira (ARM), was 8.33 euros/m², the highest value in the existing series (which began in the second half of 2017). Compared to the previous semester, there was a decrease of -3.5% in new lease agreements, while there was an increase of +8.0% in the median value of their rents. Compared to the second semester of 2022, there were, in the same order, changes of -6.8% and +13.3%.

Among the 26 NUTS 3 regions (NUTS 2024), the ARM and Algarve ranked third, ex-aequo, with the highest median rent value (8.33 euros/m²), but behind Grande Lisboa (11.93 euros/m²) and Península Setúbal (8.92 euros/m²). Note that the national average was 7.21 euros/m².

Considering the minimum threshold (30 transactions) established for dissemination purposes, data was only available for Funchal, its contiguous municipalities (Câmara de Lobos and Santa Cruz), Calheta, and Machico. During the reference period, Funchal concentrated 801 out of the 1,261 new lease agreements, followed by Santa Cruz (193), Câmara de Lobos (60), Calheta (53), and Machico (46).

Regarding the median rent values among municipalities, Funchal (9.78 euros/m²) recorded the highest value, being the only one to surpass the regional value (8.33 euros/m²), followed by Santa Cruz (8.04 euros/m²), Câmara de Lobos (5.75 euros/m²), Calheta (5.46 euros/m²), and Machico (5.23 euros/m²).

Ranking the municipalities of the country, Funchal ranks 9^th in terms of highest rent, after Lisboa, Porto, and some municipalities within Grande Lisboa and Área Metropolitana do Porto.

Limiting the analysis to the fourth quarter of 2023, it is noted that the median value of rents for the 333 new lease agreements for dwellings concluded in the Region was 9.30 euros/m², reflecting an increase of 23.3% year-on-year and 4.8% quarter-on-quarter. In Funchal, this value was around 10.99 euros/m², increasing by 23.1% compared to the same quarter of 2022 and 8.9% compared to the previous quarter. It is also worth noting that the aforementioned new agreements decreased compared to the same quarter of the previous year (-6.5%) but increased compared to the previous quarter (+5.4%).

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