For the 4^th quarter of 2023

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 4^th quarter of 2023. This note is divided into two parts: one analysing the results of the quarter in question, 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 entities.

Median price of dwellings in the last three months grew below the national average in year-on-year terms

In the 4^th quarter of 2023 (last 3 months), the median price of dwellings in the ARM was 1,869 euros/square meter, positioning just below Grande Lisboa (2,728 euros/square meter), Algarve (2,623 euros/square meter), and Setúbal Peninsula (1,952 euros/square meter), but above the national value (1,619 euros/square meter). Alentejo (791 euros) and Centro (972 euros) were the only two of the current 9 NUTS 2 regions with values below 1,000 euros/square meter. While in the 3^rd quarter of 2023, the year-on-year change rate of the median value of sales of dwellings per square meter had been +43.0%, in the 4^th quarter of 2023, this growth decelerated to 4.4%, below that observed for the country. Nevertheless, at the national level, there was also a decrease in housing price growth, with the year-on-year change rate decreasing from 10.0% in the 3^rd quarter of 2023 to 7.9% in the 4^th quarter of 2023. Compared to the previous quarter, the ARM recorded a decrease of 11.3%, and the country a decrease of 1.3%. Considering municipalities with more than 100,000 inhabitants, Funchal recorded a median price (2,444 euros/square meter) higher than that of the ARM (1,869 euros/square meter), with a year-on-year growth of 0.6%. Compared to the previous quarter, the change was negative, at -8.4%. In the 4^th quarter of 2023, the median value of dwellings transacted in the ARM involving buyers with tax residence abroad was 2,598 euros/square meter, whereas, for transactions made by buyers with tax residence in the national territory, this value was 1,821 euros/square meter. The median price of dwellings acquired by families was 1,872 euros/square meter, and by buyers belonging to other institutional sectors, 1,827 euros/square meter.  

Median price of dwellings in the ARM was 1,889 euros/m2 in the last 12 months

In the 4^th quarter of 2023 (last 12 months), the median price of dwellings in the Autonomous Region of Madeira (ARM) was 1,889 euros/square meter, reflecting a quarterly increase of 0.7% and a year-on-year increase of 20.2%. At the national level, the median price was lower, at 1,611 euros/square meter, with positive changes, in the same order, of 2.0% and 8.6%. It is worth noting that the ARM value only ranked below Grande Lisboa (2,740 euros/square meter), Algarve (2,613 euros/square meter), and Peninsula of Setúbal (1,901 euros/square meter). Also noteworthy is that in the ARM, the value of the new housing segment (2,263 euros/square meter) continued to exceed the value of existing dwellings (1,763 euros/square meter), by exactly 500 euros/square meter. It should be noted that in the 4^th quarter of 2023, the ARM recorded a year-on-year growth of 20.2%, higher than the national average (+8.6%) and the highest among the current 9 NUTS 2 regions. During this period, the median value of dwellings transacted in the ARM acquired by buyers with tax residence abroad was 2,438 euros/square meter, higher than those of transactions made by buyers with tax residence in the national territory, which stood at 1,830 euros/square meter. The median price of dwellings acquired by households was 1,908 euros/square meter, and by buyers belonging to other institutional sectors, 1,714 euros/square meter. In the municipality of Funchal, the median housing price, in the 4^th quarter of 2023, stood at 2,500 euros/square meter, meaning that this municipality was the only one in the ARM to register a value above the regional average (611 euros/square meter higher). In the national ranking, Funchal ranked 14^th among municipalities with the highest median values. The list continues to be led by Lisboa (4,167 euros/square meter), with the following positions occupied by municipalities in Grande Lisboa and Algarve. In addition to Funchal, the municipalities of Santa Cruz, Porto Santo, Câmara de Lobos, Ponta do Sol, Calheta, Machico, Ribeira Brava, and São Vicente, although recording prices below the ARM average, stood out as they presented values of considerable expression, above 1,000 euros (1,798 euros/square meter, 1,630 euros/square meter, 1,511 euros/square meter, 1,446 euros/square meter, 1,376 euros/square meter, 1,236 euros/square meter, 1,088 euros/square meter, and 1,016 euros/square meter, respectively). The lowest value was observed in Porto Moniz (803 euros/square meter). In the parishes of the municipality of Funchal, Sé stands out, as it presents, in the 4^th quarter of 2023, a significant value, above 3,000 euros/square meter (3,342 euros/square meter), being the only one, along with São Martinho and São Pedro (2,876 euros/square meter and 2,548 euros/square meter, respectively), to position above the municipality average (2,500 euros/square meter). They are followed by Santa Luzia, with 2,206 euros/square meter, Santo António, with 2,109 euros/square meter, and Santa Maria Maior, with 1,972 euros/square meter. In the Caniço parish, the median price of dwellings, in the 4^th quarter of 2023, amounted to 1,891 euros/square meter, a value that exceeds that verified for the entire municipality of Santa Cruz (1,798 euros/square meter) by 93 euros/square meter. In the 4^th quarter of 2023, in the ARM, the median price of sales of T0 or T1 type accommodations was 2,004 euros/square meter, the highest when compared to other typologies (T2, 1,938 euros/square meter; T3, 1,902 euros/square meter; T4 or higher, 1,319 euros/square meter). In the municipality of Funchal, all analysed typologies presented substantially higher values than the Region, with T0 or T1 registering the highest value (2,869 euros/square meter).

DREM provides link to an app with the detailed housing price in Funchal

DREM provides today on its website, a link to the application developed by Statistics Portugal on housing prices in cities. This application allows obtaining information on median sale prices of dwellings (euros/square meter) in the cities of Lisboa, Porto, Vila Nova de Gaia, Amadora, Braga, Funchal, and Coimbra for territorial units built by the user from the statistical section and 500x500m grid, facilitating the analysis of prices practised in different areas of each city. This tool is based on georeferenced administrative information used for the project of local-level housing price statistics and incorporates the results obtained in this project only for city and parish or aggregation of parish levels. It is particularly noteworthy that the results presented for sections and grids refer to a minimum of 7 transactions, while local-level housing price statistics have a dissemination threshold of 33 transactions.

For more information, please click on:

• Interactive Map
• Time series 

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