In October 2023
Median value of bank appraisal for housing in the Autonomous Region of Madeira (ARM) declined compared to the previous month, reaching 1,712 euros per square meter
According to data released today by Statistics Portugal (INE), in October 2023, the median value of bank appraisal for housing in the ARM was 1,712 euros per square meter. This marked a decrease of 2.3% compared to the preceding month (a reduction of 41 euros) and an increase of 19.6% compared to the same month in the previous year (+281 euros).
For apartments, the median value of bank appraisal in the ARM was 1,784 euros per square meter, reflecting a change of -2.8% compared to September 2023 and +23.3% compared to the same month last year. In the case of houses, this indicator stood at 1,600 euros per square meter, a 0.4% increase from the previous month and a 15.1% increase compared to the same month last year.
At the municipal level, it is noteworthy that the median value of bank appraisal in Funchal in October 2023 was 1,957 euros per square meter, a decrease of 4.5% from the previous month and an increase of 16.5% from October 2022.
In addition to Funchal, in the reference month, municipalities such as Câmara de Lobos and Santa Cruz also exceeded the minimum number of recorded observations (33). The bank appraisal values for these municipalities reached 1,521 euros per square meter and 1,594 euros per square meter, respectively. Câmara de Lobos observed an increase of 2.1% from the previous month and 9.7% compared to the same month last year, while Santa Cruz recorded a monthly change of -1.1% and a year-on-year increase of +18.3%.
The median value of bank appraisal in the country was 1,536 euros per square meter, which is 5 euros fewer than the previous month (-0.3%). The year-on-year change was +8.2% (+116 euros).
Within the context of the country's seven NUTS 2 regions, the highest values were observed in Algarve (2,109 euros per square meter) and Área Metropolitana de Lisboa (2,033 euros per square meter), with the ARM (1,712 euros per square meter) coming in the next position. Compared to the same period last year, the ARM (+19.6%) showed the highest change, and Algarve (+6.1%) the lowest. Compared to the previous month, Centro (+0.7%) led the increases, while the ARM (-2.3%) was at the opposite end.
The number of bank appraisals increased compared to the previous month but decreased in year-on-year terms
For the determination of the median value of bank appraisal in October 2023, 559 appraisals were considered, representing a decrease of 12.9% compared to the same period of the previous year. Out of these, 310 were for apartments and 249 for houses. Compared with the previous month, 12 more appraisals were conducted, corresponding to an increase of 2.2%.
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