In the 1^st quarter of 2024

Number of new lease agreements in the Autonomous Region of Madeira declined compared to the same period in the previous year, while the value per square meter increased

According to information released today by Statistics Portugal (INE), in the 1^st quarter of 2024, the median house rental value for the 343 new lease agreements of dwellings in the Autonomous Region of Madeira (ARM) was 8.13 euros/m². Compared to the previous quarter, there was an increase of 3.0% in new lease agreements and a 12.6% decrease in the median rent value. Compared to the 1^st quarter of 2023, there were changes of -4.5% and +6.3%, respectively.

Among the 9 NUTS 2 regions, the ARM ranked as the fourth region with the highest median rent value (8.13 euros/m²), just behind Grande Lisboa (12.12 euros/m²), Peninsula de Setúbal (9.29 euros/m²), and Algarve (8.78 euros/m²). It is noteworthy that the national average was 7.46 euros/m² (-3.2% compared to the previous quarter; +10.5% compared to the same quarter last year).

During the reference period, Funchal, one of the cities with 100,000 or more inhabitants in the country, accounted for 208 out of the 343 new lease contracts, representing a quarterly increase of 3.5% and a year-on-year decrease of 11.5%. The median house rental value was 9.43 euros/m², showing a change of -14.2% quarterly and +7.4% year-on-year.

In a ranking of municipalities in the country,  Funchal occupied the 11^th position. 

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