In the 3^rd 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 3^rd 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 4^th  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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