Median value of bank appraisals on housing in the Autonomous Region of Madeira concluded the year on an upward trend, albeit below the peak observed in September 2023

According to data released today by Statistics Portugal(INE), in December 2023, the median value of bank appraisals for housing in the Autonomous Region of Madeira (ARM) was 1,718 euros per square meter, marking an increase of 0.4% compared to the previous month (equivalent to 6 euros) and a rise of 15.5% compared to the same month of the previous year (+231 euros).

For apartments, the median value of bank appraisals in the ARM was 1,819 euros per square meter, reflecting a change of +0.8% compared to November 2023 and +17.4% compared to the same month in the previous year. In the case of houses, this indicator was 1,600 euros per square meter, the same as the value observed in the previous month and 10.5% higher compared to the value of the same month in the previous year.

At the municipal level, it is noteworthy that the median value of bank appraisals in Funchal in December 2023 was 1,983 euros per square meter, which was -0.1% lower than the previous month and +13.2% higher than December 2022.

In addition to Funchal, in the reference month, Câmara de Lobos and Santa Cruz also exceeded the minimum number of recorded observations (33), with appraisal values reaching 1,636 euros per square meter and 1,616 euros per square meter, respectively. Câmara de Lobos observed an increase of 4.6% compared to the previous month and of 8.3% compared to the same month in the previous year, while Santa Cruz recorded a monthly change of +1.6% and a year-on-year increase of +17.2%.

The median value of bank appraisals in the country was 1,536 euros per square meter, which is 6 euros rose than the previous month (+0.4%). The year-on-year change was +5.3% (+78 euros).

Among the 9 NUTS 2 regions of the country, the highest values were observed in Grande Lisboa (2,267 euros per square meter), Algarve (2,064 euros per square meter) and Peninsula de Setúbal (1,753 euros per square meter), with the ARM (1,718 euros per square meter) ranking next. Compared to the same period last year, the ARM (+15.5%) showed the highest change, and Algarve (+0.9%) showed the lowest. Compared to the previous month, Oeste e Vale do Tejo (+2.1%) led the increases, while the A.R. Azores (-0.2%) was at the opposite end.

Number of bank appraisals decreased compared to the previous month but increased in year-on-year terms

For the determination of the median value of bank appraisals in December 2023, 574 appraisals were considered, up by +14.1% over the same period of the previous year. Of these, 315 were for apartments and 259 for houses. Compared to the previous month, the number of appraisals went down by 24, representing a decrease of 4.0%.

In 2023, the median value of bank appraisals on housing in the Autonomous Region of Madeira grew above the national average

In 2023, the median value of bank appraisals on housing rose to 1,658 euros per square meter, an increase of 20.2% compared to 2022. Considering the type of accommodation, in 2023, the median value of bank appraisals increased by 23.1% for apartments and by 14.4% for houses, to 1,729 euros per square meter and 1,525 euros per square meter, respectively. At the country level  (1,521 euros per square meter), the overall growth was 8.6%, reaching 8.7% in apartments and 6.2% in houses.

It is noteworthy that, unlike what occurred in 2022, the annual regional median value surpassed the national, with an acceleration of growth from 11.8% in 2022 to 20.2% in 2023.

As for the annual number of bank appraisals, it was 6,320, which is -18.5% compared to 2022, with a greater decline in houses (-19.8%) than in apartments (-17.4%).

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