In the 1st semester of 2024

Per-square-meter value of new lease contracts in the Autonomous Region of Madeira increased by 17.9% year-on-year

According to information released today by Statistics Portugal (INE), during the 1^st semester of 2024 (last 12 months), the median house rental value of the 1,305 new lease agreements in the Autonomous Region of Madeira was 9.09 euros/per square meter. This represents the highest value in the available data series, which began in the second semester of 2017. Compared to the previous semester, there was an increase in new agreements of 3.5% and an increase of +9.1% in the median house rental values. When compared to the 1^st semester of 2023, there were corresponding changes of -0.2% and +17.9%, respectively.

Among the 26 NUTS 3 regions, the Autonomous Region of Madeira ranked as the third region with the highest median house rental values (9.09 euros/per square meter), following Grande Lisboa (12.50 euros/per square meter) and the Península de Setúbal (9.49 euros/per square meter). It should be noted that the national average was 7.60 euros/per square meter.

Considering the minimum threshold (30 transactions) established for dissemination purposes, data were only available for Funchal, its contiguous municipalities (Câmara de Lobos and Santa Cruz), Ribeira Brava, Machico and Calheta. During the reference period, Funchal accounted for 837 out of the 1,305 new lease agreements, followed by Santa Cruz with 187, Machico with 59, Câmara de Lobos with 57, Calheta with 50 and Ribeira Brava with 36.

Regarding the median house rental values among municipalities, Funchal (10.75 euros/m²) recorded the highest value, being the only one to surpass the value of the Region (9.09€/m²), followed by Santa Cruz (8.68€/m²), Ribeira Brava (6.81€/m²), Machico (6.67€/m²), Câmara de Lobos (6.25€/m²) and Calheta (4.85€/m²).

When establishing a ranking by municipality in the country based on the highest rents, Funchal appears in 8^th place, in terms of highest rent, after Lisbon, Cascais, Oeiras, Porto, Almada, Amadora and Odivelas. In the previous semester, Funchal occupied the 11^th.

Limiting the analysis to the second quarter of 2024, it is noted that the median house rental value in the ARM was 10.26 euros/per square meter, representing a 27.6% year-on-year increase and a 23.2% quarterly increase. In Funchal, the same value was approximately 12.33 euros/square meter, marking a 37.5% increase compared to the same quarter in 2023 and a 27.4% increase compared to the previous quarter.

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