For the 3^rd quarter of 2024

DREM releases information regarding the median price of dwellings in the Autonomous Region of Madeira

Statistics Portugal (INE) released today information on the median price of dwellings for the 3^rd quarter of 2024. This note is divided into two parts: one analysing the results of the quarter under review, considering only the three months of the quarter, and another providing information for the last twelve months.

It is important to note that this information is derived from administrative tax data from the Municipal Property Transfer Tax (IMT) and the Municipal Property Tax (IMI), provided monthly by the Tax and Customs Authority (AT) to Statistics Portugal (INE), based on a collaboration protocol established between these two bodies of the Central Government.

Median price of dwellings in the last three months in the Autonomous Region of Madeira increased in year-on-year terms, slightly below that observed in the country

In the 3^rd quarter of 2024 (last 3 months), the median price of dwellings in the ARM was 2 327 euros/square meter, a value which stands below Grande Lisboa (3 032 euros/square meter) and Algarve (2 746 euros/square meter), but above the national average (1 819 euros/square meter). Alentejo (860 euros/square meter) was the only current 9 NUTS 2 region with values below 1 000 euros/square meter.

While in the 2^nd quarter of 2024, the year-on-year rate of change of the median value of sales of family dwellings per square meter had been +8.6%, in the 3^rd

quarter of 2024, this growth accelerated to 10.4%, below, however, that observed in the country (+10.8%). At the national level, an acceleration in the growth of house prices was also observed, with the year-on-year rate of change changing from 6.6% in the 2^nd quarter of 2024 to 10.8% in the 3^rd quarter of 2024. Compared to the previous quarter, the Autonomous Region of Madeira increased by 11.9%, above the growth recorded in the country, whose value stood at 4.8%.

Considering municipalities with more than 100 000 inhabitants, Funchal recorded a median price (2 909 euros/square meter) higher than the ARM average (2 327 euros/square meter), showing a year-on-year growth of 10.4%. Compared to the previous quarter, the change was 11.9%.

In the 3^rd quarter of 2024, the median value of dwellings transacted in the ARM involving buyers with tax residence abroad was 2 820 euros/square meter, whereas, for transactions made by buyers with tax residence within the national territory, this value was 2 289 euros/square meter. The median price of dwellings acquired by households was 2 353 euros/square meter, and for those buyers belonging to other institutional sectors, it stood at 2 232 euros/square meter.

Funchal ranked 12^th amongst municipalities with the highest median value in the country

In the 3^rd quarter of 2024 (last 12 months), the median price of family dwellings in the Autonomous Region of Madeira was 2 083 euros/m2, above the value recorded for the country (1 709 euros/m2). It should be noted that the value of the Autonomous Region of Madeira was only below Grande Lisboa (2 856 euros/square meter) and Algarve (2 701 euros/square meter). In the Autonomous Region of Madeira, the value of the segment of new dwellings (2 695 euros/square meter) continued to exceed the value of existing dwellings (1 897 euros/square meter), at 798 euros/square meter. It should be noted that in the 3^rd quarter of 2024, the ARM recorded a year-on-year growth of 11.1%, higher than the national average (+8.2%) and the second highest among the 9 NUTS 2 regions, only below that observed in Oeste e Vale do Tejo, whose increase stood at 11.2%.

During this period, the median value of dwellings transacted in the ARM acquired by buyers with tax residence abroad was 2 640 euros/square meter, higher than for transactions made by buyers with tax residence within the national territory, which stood at 2 028 euros/square meter. The median price of dwellings acquired by households was 2 098 euros/square meter, while for buyers belonging to other institutional sectors, it was 2 026 euros/square meter.

In the municipalities of Funchal and Santa Cruz, the median housing price, in the 3^rd quarter of 2024, stood at 2 705 euros/square meter and 2 085 euros/square meter, respectively, meaning that these municipalities were the only two in the ARM to register a value above the regional average.

In the national ranking, was 12^th among municipalities with the highest median value. The list continues to be led by Lisboa (4 252 euros/square meter), with the following positions occupied by municipalities in Grande Lisboa, Algarve, and the municipality of Porto.

In addition to Funchal and Santa Cruz, the municipalities of Câmara de Lobos, Porto Santo, and Machico, although recording prices below the ARM average, stood out as they presented significant values above 1 500 euros (1 829 euros/square meter, 1 783 euros/square meter and 1 556 euros/square meter, respectively). The lowest value was observed in Porto Moniz (876 euros/square meter). 

In the parishes of the municipality of Funchal, Sé (3 846 euros/square meter) and São Martinho (3 148 euros/square meter),  stood out, as it presents, in the 3^rd quarter of 2024, a value above 3 000 euros/square meter and being the only two, to exceed the municipal average (2 705 euros/square meter). Following the rank were Santa Luzia, with 2 623 euros/square meter, São Pedro, with 2 554 euros/square meter, Santo António, with 2 278 euros/square meter, and Imaculado Coração de Maria, with 2 241 euros/square meter.

In the parish of Caniço, the median price of dwellings, in the 3^rd quarter of 2024, amounted to 2 264 euros/square meter, exceeding the average for the municipality of Santa Cruz (2 085 euros/square meter) by 179 euros/square meter.

In the 3^rd quarter of 2024, in the ARM, the median price of sales of T0 or T1 type accommodations was 2 333 euros/square meter, the highest when compared to other typologies (T2, 2 171 euros/square meter; T3, 2 070 euros/square meter; T4 or higher, 1 414 euros/square meter). In the municipality of Funchal, all analysed typologies presented substantially higher values than the Region average, with T0 or T1 registering the highest value (3 061 euros/square meter).

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