For the 1^st quarter of 2024

DREM releases information regarding the median price of dwellings in the Autonomous Region of Madeira 

Statistics Portugal (INE) released today information on the median price of dwellings for the 1^st quarter of 2024. This note is divided into two parts: one analysing the results of the quarter in question, considering only the three months of the quarter, and another providing information for the last twelve months.

It is important to note that this information is derived from administrative tax data from the Municipal Property Transfer Tax (IMT) and the Municipal Property Tax (IMI), provided monthly by the Tax and Customs Authority (AT) to Statistics Portugal (INE), based on a collaboration protocol established between these two bodies of the Central Government.

Median price of dwellings in the last three months grew above the national average in year-on-year terms

In the 1^st quarter of 2024 (last 3 months), the median price of dwellings in the ARM was 2,046 euros/square meter, a value which stands below Grande Lisboa (2,795 euros/square meter) and Algarve (2,666 euros/square meter), but above the national value (1,644 euros/square meter). Centro (950 euros/square meter) and Alentejo (808 euros/square meter) were the only two of the current 9 NUTS 2 regions with values below 1,000 euros/square meter.

While in the 4^th quarter of 2023, the year-on-year change rate of the median value of sales of dwellings per square meter had been +4.4%, in the 1^st quarter of 2024, this growth accelerated to 20.6%, above the country’s growth rate. Nevertheless, at the national level, there was a slowdown in the housing price, with the year-on-year change rate decreasing from 7.9% in the 4th quarter of 2023 to 5.0% in the 1st quarter of 2024. Compared to the previous quarter, the ARM recorded an increase of 9.5%, surpassing that seen in the country, which did not exceed 1.5%.

Considering municipalities with more than 100,000 inhabitants, Funchal recorded a median price (2, 640 euros/square meter) higher than that of the ARM (2,046 euros/square meter), with a year-on-year growth of 18.2%. Compared to the previous quarter, the change was 8.0%.

In the 1^st quarter of 2024, the median value of dwellings transacted in the ARM involving buyers with tax residence abroad was 2,443 euros/square meter, whereas, for transactions made by buyers with tax residence in the national territory, this value was 2,006 euros/square meter. The median price of dwellings acquired by households was 2,068 euros/square meter, and by buyers belonging to other institutional sectors, it stood at 1,895 euros/square meter.  

Median price of dwellings in the ARM was 1,976 euros/m2 in the last 12 months

In the 1st quarter of 2024 (last 12 months), the median price of dwellings in the Autonomous Region of Madeira was 1,976 euros/m2, above the value recorded for the country (1,633 euros/m2). It should be noted that the value of the ARM was only below Grande Lisboa (2,769 €/m2) and Algarve (2,632 €/m2). It should also be noted that, in the ARM, the value of new dwellings (2,478 euros/m2) continued to exceed the value of existing dwellings (1,827 euros/m2), by 651 euros/m2. It should be noted that in the 1st quarter of 2024, the ARM registered a year-on-year growth of 24.9%, higher than the national average (+8.2%) and the highest among the current 9 NUTS 2 regions.

During this period, the median value of dwellings transacted in the ARM acquired by buyers with tax residence abroad was 2,474 euros/square meter, higher than those of transactions made by buyers with tax residence in the national territory, which stood at 1,934 euros/square meter. The median price of dwellings acquired by households was 2,000 euros/square meter, and by buyers belonging to other institutional sectors, 1,761 euros/square meter.

In the municipality of Funchal, the median housing price, in the 1st quarter of 2024, stood at 2,598 euros/square meter, meaning that this municipality was the only one in the ARM to register a value above the regional average (higher by 622 euros/square meter). In the national ranking, Funchal ranked 12^th among municipalities with the highest median values. The list continues to be led by Lisboa (4,188 euros/square meter), with the following positions occupied by municipalities in Grande Lisboa, Algarve, and the municipality of Porto.

In addition to Funchal, the municipalities of Santa Cruz, Porto Santo, and Câmara de Lobos, although recording prices below the ARM average, stood out as they presented values above 1,500 euros (1,844 euros/square meter, 1,655 euros/square meter and 1,651 euros/square meter, respectively). The lowest value was observed in Porto Moniz (945 euros/square meter).

In the parishes of the municipality of Funchal, Sé stands out, as it presents, in the 1^st quarter of 2024, a significant value, above 3,000 euros/square meter (3,584 euros/square meter), being the only one, along with São Martinho (2,941 euros/square meter), to position above the municipality average (2,598 euros/square meter). They are followed by São Pedro, with 2,562 euros/square meter, Santa Luzia, with 2,403 euros/square meter, Santo António, with 2,131 euros/square meter, and Santa Maria Maior, with 2,121 euros/square meter.

In the Caniço parish, the median price of dwellings, in the 1^st quarter of 2024, amounted to 1,957 euros/square meter, a value that exceeds that verified for the entire municipality of Santa Cruz (1,844 euros/square meter) by 113 euros/square meter.

In the 1^st quarter of 2024, in the ARM, the median price of sales of T0 or T1 type accommodations was 2,140 euros/square meter, the highest when compared to other typologies (T2, 2,063 euros/square meter; T3, 1,967 euros/square meter; T4 or higher, 1,376 euros/square meter). In the municipality of Funchal, all analysed typologies presented substantially higher values than the Region, with T0 or T1 registering the highest value (2,889 euros/square meter).

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