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In the 3rd quarter of 2024

Price per square meter of new lease agreements in the Autonomous Region of Madeira reached a new high, growing over 20% year-on-year

According to information released today by Statistics Portugal (INE), in the 3rd quarter of 2024, the median house rental value for the 319 new lease agreements of dwellings in the ARM was 10.66 euros/m². Compared to the previous quarter, there was an increase of 1.3% in new lease agreements and 3.9% in the median rent value. Compared to the 3rd quarter of 2023, there were changes of +0.9% and +20.2%, respectively.

Among the 9 NUTS 2 regions, the ARM ranked as the second most expensive region in terms of median rent value (10.66 euros/m²), following Grande Lisboa (13.53 euros/m²), which maintained its leading position. It is noteworthy that the national average was 8.00 euros/m² (-1.0% compared to the previous quarter; +10.7% compared to the same quarter last year).

During the reference period, Funchal, one of the country's cities with a population exceeding 100 000 or more inhabitants, accounted for 198 out of the 319 new lease contracts, representing a quarterly decrease of 8.8% and a year-on-year decline of 5.7%. The median house rental value was 12.70 euros/m², showing a change of +3.0% quarterly and +25.9% year-on-year. 

In a ranking of municipalities in the country,  Funchal occupied the 4th  position for highest rents, trailing only Lisboa (16.18 euros/m²), Cascais (15.88 euros/m²) and Oeiras (13.98 euros/m²).

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