For the 3rd 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 3rd quarter of 2021 for the median price of housing sales in the Autonomous Region of Madeira.
Based on this information, the press release is split into two sections, both related to the median value in the 3rd 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 housing market due to the effects of the Covid-19 pandemic but it limits the results for small territorial areas. Therefore the information of the last 3 months is limited to the Autonomous Region of Madeira and for the municipality of Funchal.
Growth of house prices decelerated in the last three months
In the 3rd quarter of 2021 (last 3 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 397 euros/square meter, positioning itself, below the Algarve (2 057 euros/square meter) and Área Metropolitana de Lisboa (1 823 euros/square meter), but above the national value (1 311 euros/square meter).
In the reference quarter, the growth of this indicator decelerated in the Region, i.e., the upward trend continues, but is not as pronounced as in the previous quarter. While in the 2nd quarter, the year-on-year rate of change in the median value of dwelling sales by square meter had been 11.5%, in the 2nd quarter of 2021, this growth decelerated to 4.9%. In turn, at a national level, there was an acceleration, with the year-on-year rate of change rising from 6.8% in the 2nd quarter to 12.2% in the 3rd quarter of 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 2.2% in the 2nd quarter to 5.5% in the 3rd quarter of 2021.
Median price of dwelling sales reaches a new high
In the 3rd quarter of 2021 (last 12 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 386 euros/square meter. Compared to the previous quarter, the price went up by 1.7% and year-on-year by 6.0%. In the same order, the growth rates for the country (1 250 euros/square meter) were both positive, 2.6% and 7.8%, respectively. It should also be noted that in the Autonomous Region of Madeira, the value for new dwellings (1 558 euros/square meter) continued to exceed that of existing dwellings (1 328 euros/square meter) by 230 euros/square meter.
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, since the 1st quarter of 2016.
Extending the scope of analysis to the last two years (3rd quarter of 2021 versus the same quarter of 2019), the data reveal that the median price of dwellings, in the Autonomous Region of Madeira, grew by 16.9% in that period, below the country’s average (18.6%).
For flats, the value recorded in the Autonomous Region of Madeira (1 555 euros/square meter) was 8.7% higher than the country’s (1 430 euros/square meter). For existing flats, the regional value stood at 1 492 euros/square meter, while for the country that value is around 1 394 euros/square meter.
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