In October 2024
Median value of bank appraisals for housing in the Autonomous Region of Madeira surpassed 2 000 euros/square meter for the first time
According to data released today by Statistics Portugal (INE), in October 2024, the median value of bank appraisals for housing in the Autonomous Region of Madeira (ARM) was 2 010 euros/square meter. This figure represents an increase of 2.6% compared to the previous month - up by 51 euros - and a growth of 17.4% compared to the same month in the previous year, which translates to an additional 298 euros. It is the first time this indicator has exceeded the 2 000 euros/square meter threshold.
For apartments, the median value of bank appraisals in the ARM stood at 2 140 euros per square meter, reflecting an increase of 5.0% compared to September 2024 and a rise of 20.0% from October of the previous year. For houses, this indicator was 1 852 euros per square meter, which is 1.4% higher than the previous month and 15.8% above that recorded in the same month last year.
At the municipal level, it is noteworthy that in October 2024, the median value of bank appraisals in Funchal was 2 395 euros per square meter, marking an increase of 4.7% from the previous month and 22.4% from October 2023.
Additionally, the municipalities of Câmara de Lobos and Santa Cruz, which surpassed the minimum threshold of observations (33), registered a median value of bank appraisals of 1 936 euros per square meter and 1 855 euros per square meter, respectively. Câmara de Lobos observed a monthly increase of 2.1% and a year-on-year rise of 27.3%, whereas Santa Cruz experienced a monthly increase of 2.5% and a year-on-year growth of 16.4%.
Nationally, the median value of bank appraisals was 1 721 euros per square meter, up by 26 euros (or 1.5%) from the previous month, with a year-on-year growth of 12.0% (an additional 185 euros).
Among the nine NUTS 2 regions of the country, the highest values were recorded in Grande Lisboa (2 523 euros per square meter) and Algarve (2 321 euros per square meter), followed by the ARM at 2 010 euros per square meter. Compared to the same period last year, the ARM (+17.4%) showed the highest positive change, while Alentejo (+4,5%) showed the lowest. Compared to the previous month, the ARM (+2.6%) also led the increases, followed by Centro (+1.2%) at the opposite pole.
Number of bank appraisals increased compared to the same month last year
In October 2024, a total of 739 appraisals were considered, marking a 32.2% increase from the previous year. Of these, 421 were for apartments and 318 for houses. Compared to the previous month, the number of appraisals went up by 46, representing a 6.6% increase. Nationally, the year-on-year change in the number of bank appraisals was +29.9%, while the month-on-month change was +5.5%.
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