Note: On 03 February 2023, a correction was made in the sentence when comparing the ARM and the Country for house prices in the last 3 months.
For the 3rd quarter of 2022
DREM releases information on the median price of dwellings in the Autonomous Region of Madeira
Statistics Portugal (INE) released today the information, for the 3rd quarter of 2022, on the median price of housing sales in the Autonomous Region of Madeira.
This press release is split into two sections, one with the analysis of the results for the quarter in reference, considering only the three months of the quarter, and the other with the information for the last twelve months.
It should also be recalled that this information is obtained from the administrative tax data on the Municipal Tax on Transmission of Property (IMT) and the Municipal Property Tax (IMI), which are provided monthly to Statistics Portugal (INE) by the Tax and Customs Authority (AT), on the basis of a cooperation protocol signed between these two entities.
House prices in the Autonomous Region of Madeira decreased in the last three months
In the 3rd quarter of 2022 (last 3 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1,473 euros/square meter, standing below Algarve (2,378 euros/square meter) and Área Metropolitana de Lisboa (2,156 euros/square meter). For the first time, taking into consideration the period of the series (Q1 2019 - Q3 2022), the national value (1,492 euros/square meter) is higher than that of the Region.
While in the 2nd quarter of 2022, the year-on-year rate of change in the median value of dwelling sales per square meter had been +5.8%, in the 3rd quarter of 2022, this growth decelerated to 5.7%. At the national level, there was the same, with the year-on-year rate of change rising from 17.8% in the 2nd quarter of 2022 to 13.5% in the 3rd quarter of 2022. Compared with the previous quarter, the Autonomous Region of Madeira registered a decrease of 4.0%, and the country, of 0.1%.
Considering the municipalities with more than 100,000 inhabitants, Funchal recorded a median price (2,218 €/m2) higher than that of the country (1,492 €/m2), with a year-on-year growth (+22.1%) also higher than Portugal (+13.5%). Compared to the previous quarter, the change was negative, at +15.6%.
In the 3rd quarter of 2022, the median value of dwellings transacted in the Autonomous Region of Madeira involving purchasers with tax residence abroad was 1,935 euros/square meter, while transactions made by purchasers with tax residence in the national territory was 1,441 euros/square meter. The median price of dwellings purchased by households was 1,571 euros/square meter and 1,142 euros/square meter for purchasers belonging to other institutional sectors.
Median price of dwellings sales in the Autonomous Region of Madeira was 1,527 euros/square meter in the last 12 months
In the 3rd quarter of 2022 (last 12 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1,527 euros/square meter, representing a quarterly increase of 1.4% and a year-on-year increase of 12.0%. At a national level, the median price was lower, at 1,446 euros/square meter, with positive changes, by the same order, of 3.1% and 15.6%. It should be noted that the value for the Autonomous Region of Madeira was only lower than that of Algarve (2,264 euros/square meter), Área Metropolitana de Lisboa (2,028 euros/square meter) and Área Metropolitana do Porto (1,557 euros/square meter). In the Autonomous Region of Madeira, the value of new dwellings (1,778 euros/square meter) continued to exceed the value of existing dwellings (1,481 euros/square meter), by 297 euros/square meter.
In this period, the median value of dwellings transacted in the Autonomous Region of Madeira acquired by purchasers with tax residence abroad was 1,979 euros/square meter, higher than the transactions made by purchasers with tax residence in national territory, which stood at 1,497 euros/square meter. The median price of dwellings purchased by households was 1,549 euros/square meter and by purchasers belonging to other institutional sectors was 1,353 euros/square meter.
In the municipality of Funchal, the median price of dwelling sales, in the 3rd quarter of 2022, stood at 1,995 euros/square meter, which means that this municipality was the only one in the Autonomous Region of Madeira to record a value above the regional average (up by 468 euros/square meter). In the national ranking, Funchal occupied the 17th place of municipalities with the highest median value. The list continues to be headed by Lisboa (3,785 euros/square meter), followed by municipalities in the Área Metropolitana de Lisboa, Algarve and Porto. Of all the Portuguese cities with more than 100 thousand inhabitants, Funchal is the ninth highest, after Lisboa, Cascais, Oeiras, Porto, Odivelas, Loures, Matosinhos and Almada.
In addition to Funchal, the municipalities of Santa Cruz, Câmara de Lobos, Calheta, Porto Santo, Ponta do Sol, Machico e de São Vicente, although recording prices below the average for the Autonomous Region of Madeira, stood out, as they show values above one thousand euros (1,386 euros/square meter, 1,325 euros/square meter, 1,317 euros/square meter, 1,269 euros/square meter, 1,229 euros/square meter, 1,145 euros/square meter e 1,074 euros/square meter, respectively). The lowest value was observed in Porto Moniz (725 euros/square meter).
In the parishes of Funchal, São Martinho stands out in the 3rd quarter of 2022, with a value (2,458 euros/square meter) well above the city average for all dwellings (2,000 euros/square meter). This is followed by the aggregation of the central parishes (São Pedro, Santa Luzia and Sé), with 1,897 euros/ square meter, and the parish of Santo António, with 1,719 euros/square meter. The aggregation of São Roque, Monte and Imaculado Coração de Maria and the aggregation of Santa Maria Maior and São Gonçalo registered the lowest values (1,696 euros/square meter and 1,648 euros/square meter, respectively). When compared with the 3rd quarter of 2021, all the parishes or aggregations of parishes increased in terms of the median value of sales per square meter. Compared to the previous quarter, there was also an increase in this indicator in all the parishes or aggregations, with exception of the aggregation of São Pedro, Santa Luzia and Sé, where there was a decline.
In the parish of Caniço, the median price of dwellings, in the 3rd quarter of 2022, rose to 1,541 euros/square meter, a value which exceeds that verified for the municipality of Santa Cruz as a whole (1,386 euros/square meter), by 155 euros/square meter. It should be noted that in this parish this indicator grew year-on-year (+17.5%) and quarterly (+6.2%).
In the 3rd quarter of 2022, in the Autonomous Region of Madeira, the median sales price of studios or one-bedroom dwellings was 1,639 euros/square meter, the highest when compared to the other types (three-bedroom dwellings, 1,546 euros/square meter; two-bedroom dwellings, 1,511 euros/square meter; four-bedroom dwellings or higher, 1,287 euros/square meter). In the city of Funchal, all the typologies showed considerably higher values than in the Region, with the studio and one-bedroom apartments recording the highest value (2,264 euros/square meter).