In May 2023,

Median value of housing bank appraisals in the Autonomous Region of Madeira (ARM) reached a new record high of 1,581 euros per square meter

In May 2023, according to data released today by Statistics Portugal (INE), the median value of housing bank appraisals in the Autonomous Region of Madeira (ARM) reached a new record high of 1,581 euros per square meter. This represents a 2.8% increase compared to the previous month (an additional 43 euros) and a 18.3% growth compared to the same month of the previous year (an additional 245 euros).

For apartments, the median value of bank appraisals in the ARM was 1,627 euros per square meter, reflecting a 2.6% increase compared to April 2023 and a 20.9% growth compared to the same month last year. In the case of row houses, this indicator stood at 1,478 euros per square meter, representing a 4.0% increase from the previous month and a 12.1% growth compared to the same month of the previous year.

At the municipal level, it is worth noting that the median value of bank appraisals in Funchal, in May 2023, reached 1,882 euros per square meter, which is a 4.2% increase compared to the previous month and a 17.0% increase compared to May 2022.

In addition to Funchal, in the reference month, the municipalities of Câmara de Lobos and Santa Cruz also exceeded the minimum number of recorded observations (33), with bank appraisal values of 1,474 euros per square meter and 1,471 euros per square meter, respectively. Câmara de Lobos experienced a 1.0% increase compared to the previous month and a 14.7% growth compared to the same month of the previous year, while Santa Cruz recorded a monthly change of +1.7% and a year-on-year change of +22.5%.

The median value of bank appraisals in the country as a whole was 1,510 euros per square meter, which is 19 euros higher than the previous month (+1.3%). The year-on-year change was +9.4% (+130 euros).

Among the 7 NUTS 2 regions in the country, the highest values were observed in the Algarve (2,137 euros per square meter) and in Área Metropolitana de Lisboa (2,004 euros per square meter), followed by the ARM (1,581 euros per square meter).

The number of bank appraisals increased compared to the previous month but decreased year-on-year. For the calculation of the median value of bank appraisals in May 2023, a total of 552 appraisals were considered, which is a 22.9% decrease compared to the same period of the previous year. Of these, 292 were for apartments and 260 were for row houses. Compared to the previous month, there were 61 more appraisals, representing an increase of 12.4%.

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