For the 4th 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 4th 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), based on a cooperation protocol signed between these two entities.
House prices in the Autonomous Region of Madeira increased in the last three months
In the 4th quarter of 2022 (last 3 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1,791 euros/square meter, standing below the Algarve (2,435 euros/square meter) and Área Metropolitana de Lisboa (2,169 euros/square meter), but above the national value (1,500 euros/square meter).
While in the 3rd quarter of 2022, the year-on-year rate of change in the median value of dwelling sales per square meter had been +5.7%, in the 4th quarter of 2022, this growth accelerated to 18.9%. At the national level, there was a difference, with the year-on-year rate of change rising from 13.5% in the 3rd quarter of 2022 to 10.7% in the 4th quarter of 2022. Compared with the previous quarter, the Autonomous Region of Madeira registered an increase of 21.6%, and the country, of 0.5%.
Considering the municipalities with 100,000 inhabitants or more, Funchal recorded a median price (2,429 €/m2) higher than that of the country (1,500 €/m2), with a year-on-year growth (+23.5%) also higher than Portugal (+10.7%). Compared to the previous quarter, the change was positive, at +9.5%.
In the 4th quarter of 2022, the median value of dwellings transacted in the Autonomous Region of Madeira involving purchasers with tax residence abroad was 2,500 euros/square meter, while transactions made by purchasers with tax residence in the national territory was 1,724 euros/square meter. The median price of dwellings purchased by households was 1,765 euros/square meter and 1,855 euros/square meter for purchasers belonging to other institutional sectors.
Median price of dwellings sales in the Autonomous Region of Madeira was 1,571 euros/square meter in the last 12 months
In the 4th quarter of 2022 (last 12 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1,571 euros/square meter, representing a quarterly increase of 2.9% and a year-on-year increase of 9.4%. At a national level, the median price was lower, at 1,484 euros/square meter, with positive changes, by the same order, of 2.6% and 14.4%. It should be noted that the value for the Autonomous Region of Madeira was only lower than that of Algarve (2,339 euros/square meter), Área Metropolitana de Lisboa (2,096 euros/square meter) and Área Metropolitana do Porto (1,607 euros/square meter). In the Autonomous Region of Madeira, the value of new dwellings (1,772 euros/square meter) continued to exceed the value of existing dwellings (1,538 euros/square meter), by 234 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 2,143 euros/square meter, higher than the transactions made by purchasers with tax residence in the national territory, which stood at 1,531 euros/square meter. The median price of dwellings purchased by households was 1,596 euros/square meter and by purchasers belonging to other institutional sectors was 1,414 euros/square meter.
In the municipality of Funchal, the median price of dwelling sales, in the 4th quarter of 2022, stood at 2,109 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 538 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 (3,872 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, Porto Santo, Calheta, Machico, Ponta do Sol 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 (1,416 euros/square meter, 1,401 euros/square meter, 1,323 euros/square meter, 1,317 euros/square meter, 1,290 euros/square meter, 1,198 euros/square meter e 1,068 euros/square meter, respectively). The lowest value was observed in Porto Moniz (707 euros/square meter).
In the parishes of Funchal, São Martinho and Sé stand out in the 4th quarter of 2022, with a value (2,529 euros/square meter and 2,512 euros/square meter, respectively)) well above the city average for all dwellings (2,109 euros/square meter). They were followed by S. Gonçalo with 1,941 euros/square meter, Santa Luzia with 1,882 euros/square meter and Santo António with 1,802 euros/square meter.
In the parish of Caniço, the median price of dwellings, in the 4th quarter of 2022, rose to 1,625 euros/square meter, a value which exceeds that verified for the municipality of Santa Cruz as a whole (1,416 euros/square meter), by 209 euros/square meter. It should be noted that in this parish this indicator grew year-on-year (+16.7%) and quarterly (+5.5%).
In the 4th quarter of 2022, in the Autonomous Region of Madeira, the median sales price of studios or one-bedroom dwellings was 1,763 euros/square meter, the highest when compared to the other types (three-bedroom dwellings, 1,565 euros/square meter; two-bedroom dwellings, 1,561 euros/square meter; four-bedroom dwellings or higher, 1,291 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 (2,375 euros/square meter).