In December 2022

Median value of bank appraisals on housing in the Autonomous Region of Madeira stood at 1,487 euros/square meter

According to data released today by Statistics Portugal (INE), in December 2022, the average value of bank appraisals on housing in the Autonomous Region of Madeira reached 1,487 euros/square meter, increasing by 1.6% from November 2022 and by 17.0% over the same month last year. This value is a new maximum of the available time series (since January 2011).

In flats located in the Autonomous Region of Madeira, the median value of bank appraisals on housing in the month of reference was 1,550 euros/square meter, up by 3.3% when compared to the previous month and rising by 18.5% over the same month last year. In row houses, this indicator stood at 1,448 euros/square meter, 0.9% higher than the value recorded in the previous month, and up by +21.7% over the same month last year.

At a municipal level, it is worth noting that the median value of bank appraisals on housing in Funchal, in December 2022, reached 1,751 euros/square meter, an increase of 0.4% over the previous month and of 16.2% year-on-year.

Besides Funchal, only the municipalities of Câmara de Lobos and Santa Cruz exceeded the minimum figure of observations (33) in the month in reference. Their bank appraisal values stood at 1,511 euros/square meter and at 1,379 euros/square meter, respectively. The municipality on the east side of Madeira Island registered a monthly increase of 1.5% and a year-on-year growth of 20.8%. Câmara de Lobos recorded an increase of 1.3% compared to the previous month and a year-on-year increase of 32.9%.

For Portugal, the median value of bank appraisals on housing reached 1,458 euros/square meter in the month of reference, up by 9 euros from the previous month (+0.6%). The year-on-year change was +13.5%. 

Considering the NUTS2 regions of the country, the highest values were recorded in Algarve (2,045 euros/square meter) and in Área Metropolitana de Lisboa (1,950 euros/square meter) followed by the Autonomous Region of Madeira (1,487 euros/square meter).

Number of bank appraisals on housing decreased compared to the previous month and to the corresponding period of the prior year

For the calculation of the median value of bank appraisal on housing, in December 2022, 503 appraisals were considered, down by 22.7% over the same period of the previous year. Of these, 248 were flats and 255 were houses. Compared to the previous month, the number of bank appraisals went down by 68, corresponding to a decrease of 11.9%. It is important to underline that the number of house bank evaluations in December 2022 is the lowest since March 2021.

In 2022, the median value of bank appraisals on housing in the Autonomous Region of Madeira grew below the national average

In 2022, the median value of bank appraisals on housing rose to 1,379 euros/sq meter, an increase of 11.8% compared to 2021. Considering the type of accommodation, in 2022, the median value of bank appraisals increased by 11.0% in flats and by 13.0% in houses, to 1,405 euros/sq meter and 1,333 euros/sq meter, respectively. At the country level  (1,400 euros/sq meter), the overall growth was 13.7%, reaching 14.6% in flats and 11.0% in houses.

It should be noted that, since the start of the series (2011), 2022 is the first year in which the national median value exceeds the regional median value, which is due to the weight of Área Metropolitana de Lisboa and Algarve in determining that value, the only regions with a higher median value of bank appraisals than the Autonomous Region of Madeira.

Given the available time series, the median value of bank appraisals on housing, in the Region, has been growing since 2015, with the value of 2022 being the highest of the series, with an acceleration, as in 2021 the annual increase had been of 6.8%.

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