In September 2023
Median value of bank appraisal for housing in the Autonomous Region of Madeira (RAM) reached 1,753 euros per square meter
In September 2023, according to data released today by Statistics Portugal (INE), the median value for bank appraisal of housing in the Autonomous Region of Madeira was 1,753 euros per square meter. This marked an increase of 2.8% compared to the previous month (an additional 48 euros per square meter) and a significant 25.2% increase compared to the same month the previous year (a rise of 353 euros per square meter).
For apartments, the median value for bank appraisal in the ARM stood at 1,836 euros per square meter, reflecting a 2.9% increase compared to August 2023 and a substantial 30.6% increase when compared to the same month last year. For houses, this indicator reached 1,593 euros per square meter, which is 9.9% higher than the previous month and 14.9% higher compared to the same month last year.
At the municipal level, it is worth noting that the median value for bank appraisal in Funchal in September 2023 was 2,049 euros per square meter, the same as the previous month, and a notable 24.2% higher than in September 2022.
In addition to Funchal, during the reference month, the municipalities of Câmara de Lobos and Santa Cruz also recorded a minimum number of observations (33). Their bank appraisal values reached 1,490 euros per square meter and 1,611 euros per square meter, respectively. Câmara de Lobos saw a 5.8% increase from the previous month and a 7.3% rise year-on-year, while Santa Cruz recorded a monthly change of +3.9% and a year-on-year growth of +22.5%.
The median value of bank appraisal in the country as a whole was 1,541 euros per square meter, which was 3 euros higher than the previous month (a 0.2% increase). The year-on-year change was +7.8%, amounting to an increase of 112 euros per square meter.
Among the 7 NUTS 2 regions of the country, the highest values were observed in the Algarve (2,152 euros per square meter) and Área Metropolitana de Lisboa (2,052 euros per square meter), with the Autonomous Region of Madeira ranking next at 1,753 euros per square meter. Compared to the previous year, the Autonomous Region of Madeira (+25.2%) had the highest change, while the region of Centro (+6.9%) had the lowest. Compared to the previous month, the Autonomous Region of Madeira (+2.8%) led the increases, followed by the Autonomous Region of Azores (+2.0%), with the Algarve experiencing a decrease (-0.6%).
Number of bank appraisals increased compared to the previous month but decreased in year-on-year terms
To determine the median bank appraisal value for September 2023, 547 appraisals were considered, down by 13.0% over the same period in the previous year. Out of these, 323 were for apartments, and 224 were for houses. Compared to the previous month, the number of appraisals went up by 28, representing a 5.4% increase.
