For the 2nd quarter of 2021
Regional Directorate of Statistics of Madeira (DREM) releases information on the median price of housing in the Autonomous Region of Madeira
Statistics Portugal (INE) released today the information for the 2nd quarter 2021 for the median price of dwelling sales in the Autonomous Region of Madeira.
Based on that information, this press release is split into two sections, both related to the median value in the 2nd quarter: the first based on information for the last 3 months and the second on data for the last 12 months. This enables a more detailed analysis of the effects of the Covid-19 pandemic on house prices.
Growth of house prices has accelerated in the last three months
In the 2nd quarter of 2021 (last 3 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 460 euros/square meter, positioning itself, along with Algarve (1 875 euros/square meter), Metropolitan Area of Lisbon (1 757 euros/square meter) and Metropolitan Area of Oporto (1 333 euros/square meter), above the national value (1 268 euros/square meter).
In the reference quarter, the growth of this variable accelerated in the Region. While in the 1st quarter, the year-on-year growth rate of the median value of dwelling sales by square meter had been 1.4%, in the 2nd quarter of 2021, this growth accelerated to 11.5%. At the national level, the acceleration was not so pronounced, with the year-on-year rate of change rising from 3.1% in the 1st quarter 2021 to 6.8% in the 2nd quarter 2021. Amongst cities with more than 100,000 inhabitants, Funchal stands out, with the growth of prices also accelerating; the year-on-year rate of change rose from 0.2% in the 1st quarter 2021 to 2.2% in the 2nd quarter 2021.
Median price of dwelling sales reaches a new high
In the 2nd quarter of 2021 (last 12 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 363 euros/square meter. Compared to the previous quarter, the price went up by 3.0% and year-on-year by 7.2%. In the same order, the growth rates for the country (1 218 euros/square meter) were 1.8% and 7.1%, respectively. It should also be noted that in the Autonomous Region of Madeira, the value for new dwellings (1 565 euros/square meter) continued to exceed that of existing dwellings (1 311 euros/square meter) by 254 euros/square meter.
In the last two years, i.e., comparing the 2nd quarter of 2021 versus the same quarter of 2019, there was a 13.1% growth in the median price of family housing, below the country's average (18.1%).
In the reference quarter, the median value of dwelling sales in Portugal stood at 1 218 euros per square meter, reaching 1 350 euros per square meter for the new dwellings and 1 194 euros per square meter for the existing dwellings.
It should be highlighted that the median value of dwelling sales in both Portugal and the Autonomous Region of Madeira is the highest value of the time series, which started in the 1st quarter of 2016.
Extending the scope of analysis to the last two years (2nd quarter of 2021 versus the same quarter of 2019), the data reveal that the median price of family housing, in the Autonomous Region of Madeira, grew by 13.1% in that period, below the country’s average (18.1%).
For flats, the value recorded in the Autonomous Region of Madeira (1 535 euros/square meter) was 10.2% higher than the country’s (1 393 euros/square meter). For existing flats, the regional value stood at 1 458 euros/square meter, while for the country that value is around 1 356 euros/square meter.
