For the 2nd quarter of 2023
Regional Directorate of Statistics of Madeira has released information regarding the median prices of dwellings in the Autonomous Region of Madeira
Statistics Portugal (INE) released today information regarding the median price of housing sales in the Autonomous Region of Madeira (ARM) for the 2nd quarter of 2023, which is now presented by the Regional Directorate of Statistics of Madeira (DREM). This note is divided into two parts: one analysing the results for the quarter, considering only the three months of the quarter, and the other providing information for the last twelve months.
It is important to note that this information is obtained using administrative tax data from the Municipal Property Transfer Tax (IMT) and the Municipal Property Tax (IMI), which are provided monthly by the Tax and Customs Authority (AT) to the INE (Statistics Portugal), based on a collaboration protocol established between these two entities.
The median price of dwellings in the last three months grew above the national average concerning year-on-year comparisons in the 2nd quarter of 2023. In this period, the median price in the ARM stood at 1,916 euros per square meter, positioning it just below the Algarve (2,583 euros per square meter) and Área Metropolitana de Lisboa (2,306 euros per square meter) but above the national average (1,629 euros per square meter).
While in the 1st quarter of 2023, the year-on-year change rate for the median value of dwellings sales per square meter was +7.0%, in the 2nd quarter of 2023, this growth accelerated to 24.9%, surpassing the national and regional rates. Nationally, a similar trend was observed, with the year-on-year change rate increasing from 7.6% in the 1st quarter of 2023 to 9.0% in the 2nd quarter of 2023. Compared to the previous quarter, the ARM experienced an increase of 12.9%, while the country saw an increase of 4.1%.
Among municipalities with more than 100,000 inhabitants, Funchal recorded a median price of 2,559 euros per square meter, exceeding the national average of 1,629 euros per square meter. Furthermore, Funchal exhibited a higher year-on-year growth rate (+33.4%) compared to the national rate (+9.0%). When compared to the previous quarter, Funchal showed a positive change of +14.6%.
In the 2nd quarter of 2023, the median price of dwellings involving buyers with a fiscal residence abroad was 2,413 euros per square meter, while for transactions conducted by buyers with fiscal residence in the national territory, it was 1,843 euros per square meter. The median price of dwellings purchased by households was 1,923 euros per square meter, and for buyers belonging to other institutional sectors, it was 1,800 euros per square meter.
Over the last 12 months, the median price of dwellings in the ARM was 1,689 euros per square meter in the 2nd quarter of 2023. This represents a quarterly increase of 6.8% and a year-on-year increase of 12.2%. Nationally, the median price was lower, at 1,541 euros per square meter, with positive changes of 2.1% and 9.9%, respectively. The Autonomous Region of Madeira's median price was surpassed only by the Algarve (2,496 €/m2) and Área Metropolitana de Lisboa (2,222 €/m2). It is noteworthy that, in the ARM, new dwellings (1,761 euros per square meter) continued to exceed the value of existing dwellings (1,667 euros per square meter) by 94 euros per square meter.
During this period, the median price of dwellings in the ARM acquired by buyers with fiscal residence abroad was 2,258 euros per square meter, higher than transactions by buyers with fiscal residence in the national territory, which averaged 1,630 euros per square meter. The median price of dwellings acquired by households was 1,716 euros per square meter, while accommodations purchased by buyers from other institutional sectors had a median price of 1,402 euros per square meter.
In the municipality of Funchal, the median price for housing in the 2nd quarter of 2023 was 2,345 euros per square meter. This marked Funchal as the only municipality in the ARM with a price above the regional average (a difference of 656 euros per square meter). Nationally, Funchal ranked 15th among municipalities with the highest median price. The top positions were held by municipalities in Área Metropolitana de Lisboa and Porto, along with the Algarve.
Apart from Funchal, several other municipalities in the ARM, including Porto Santo, Câmara de Lobos, Santa Cruz, Ponta do Sol, Calheta, Machico, and Ribeira Brava, had prices below the regional average but still stood out due to their considerable values, exceeding a thousand euros (1,535 euros per square meter, 1,489 euros per square meter, 1,479 euros per square meter, 1,361 euros per square meter, 1,326 euros per square meter, 1,236 euros per square meter, and 1,167 euros per square meter, respectively). The lowest price was observed in Porto Moniz (795 euros per square meter).
Within the municipality of Funchal, the parishes of Sé and São Martinho stood out in the 2nd quarter of 2023, with notably high prices, exceeding 2,800 euros per square meter (2,937 euros per square meter and 2,859 euros per square meter, respectively). These were the only parishes, along with São Pedro (2,352 euros per square meter), to surpass the municipal average (2,345 euros per square meter). Following them were Santa Luzia, with 2,032 euros per square meter, Santo António, with 1,995 euros per square meter, and São Gonçalo, with 1,954 euros per square meter.
In the parish of Caniço, the median price of dwellings in the 2nd quarter of 2023 reached 1,794 euros per square meter. This exceeded the value for the entire municipality of Santa Cruz (1,479 euros per square meter) by 315 euros per square meter. It is worth noting that in this parish, this indicator increased year-on-year by 23.6% and quarterly by 5.3%.
In the 2nd quarter of 2023, in ARM, the median price for the sale of T0 or T1 accommodations was 1,914 euros per square meter, the highest among the various typologies (T3, 1,732 euros per square meter; T2, 1,651 euros per square meter; T4 or higher, 1,333 euros per square meter). In the municipality of Funchal, all analysed typologies had significantly higher values than the regional average, with T0 or T1 accommodations having the highest value at 2,750 euros per square meter.
For more information, please click on: