In March 2024

Median value of bank appraisals on housing in the Autonomous Region of Madeira remained relatively stable, standing at 1,786 euros per square meter

According to data released today by Statistics Portugal (INE), in March 2024, the median value of bank appraisal for housing in the Autonomous Region of Madeira (ARM) was 1,786 euros/square meter. This figure represents a marginal decrease of 0.1% compared to the previous month—a reduction of merely one euro—and an increase of 17.5% compared to the same month in the previous year, which translates to an additional 266 euros.

For apartments, the median value of bank appraisals in the ARM stood at 1,892 euros per square meter, reflecting an increase of 1.6% from February 2024 and a significant rise of 19.9% from March of the previous year. In the case of houses, this indicator was 1,627 euros per square meter, which is 0.2% higher than the previous month and 16.9% higher than the same month a year earlier.

At the municipal level, it is noteworthy that in March 2024, the median value of bank appraisals in Funchal was 2,084 euros per square meter, marking an increase of 0.4% from the previous month and 16.3% from March 2023.

Additionally, the municipalities of Câmara de Lobos and Santa Cruz, both surpassing the minimum threshold of observations (33), registered median value of bank appraisal of 1,680 euros per square meter and 1,634 euros per square meter, respectively. Câmara de Lobos observed a monthly increase of 4.7% and a year-on-year rise of 9.4%, whereas Santa Cruz experienced a monthly decrease of 1.1% but a year-on-year increase of 15.2%.

Nationally, the median value of bank appraisal was 1,580 euros per square meter, up by 20 euros (or 1.3%) from the previous month, with a year-on-year growth of 6.5% (an additional 97 euros).

Among the nine NUTS 2 regions of the country, the highest values were recorded in Grande Lisboa (2,312 euros per square meter), Algarve (2,109 euros per square meter), and Península de Setúbal (1,794 euros per square meter), followed by the ARM at 1,786 euros per square meter. Compared to the same period last year, the Autonomous Region of Madeira and the Autonomous Region of the Azores both showed the most significant positive change, each with an increase of 17.5%, while Algarve had the lowest increase at 1.1%. In terms of month-over-month changes, Norte led with a rise of 1.6%, with Algarve experiencing the largest negative change, albeit slight, at -0.4%.

Number of bank appraisals increased compared to both the previous month and the same period last year

In March 2024, a total of 618 appraisals were considered, marking a 23.4% increase from the year before, including 319 for apartments and 299 for houses. Compared to the previous month, the number of appraisals went up by 50, representing a 8.8% increase.

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