In March 2023,

Median value of bank appraisal for housing in the Autonomous Region of Madeira reached a new peak of 1,520 euros/square meter

As per data released by Statistics Portugal (INE), the average value of bank appraisals on housing in March 2023 was 1,520 euros/square meter in the Autonomous Region of Madeira. This represents an increase of 1.3% from February 2023 and a significant rise of 15.5% over the same month last year.

In flats located in the Autonomous Region of Madeira, the median value of bank appraisals in March 2023 was 1,578 euros/square meter, up by 1.3% from the previous month and a notable rise of 18.1% over the same month last year. For row houses, the indicator stood at 1,392 euros/square meter, a decrease of 1.3% compared to the previous month, but up by 9.2% over the same month last year.

Funchal, Câmara de Lobos, and Santa Cruz were the municipalities in Madeira that exceeded the minimum figure of observations (33) in the month in reference. In Funchal, the median value of bank appraisals in March 2023 reached 1,792 euros/square meter, indicating an increase of 2.8% from the previous month and a rise of 14.7% year-on-year. In Câmara de Lobos, the bank appraisal value was 1,536 euros/square meter, an increase of 0.9% compared to the previous month and a substantial rise of 23.9% over the same month last year. Santa Cruz recorded a median value of 1,419 euros/square meter, with a monthly increase of 0.4% and a year-on-year growth of 19.4%.

In Portugal, the median value of bank appraisals for the month of reference was 1,483 euros/square meter, which represents a slight increase of 0.3% from the previous month (+5 euros). The year-on-year change was +11.4%.

Among the NUTS2 regions of the country, the highest values were recorded in Algarve (2,087 euros/square meter) and Área Metropolitana de Lisboa (1,978 euros/square meter), followed by the Autonomous Region of Madeira (1,520 euros/square meter).

Number of bank appraisals increased compared to the previous month, but decreased in the corresponding period of the prior year

In March 2023, 501 bank appraisals were conducted to determine the median value. This was a decrease of 30.3% compared to the same period of the previous year. Out of the 501 appraisals, 269 were for flats and 232 were for houses.

Compared to the previous month, the number of bank appraisals increased by 62, which corresponds to a 14.1% increase.

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