In the 2^nd half of 2022

Number of new lease agreements and the house rental value per square meter in the Autonomous Region of Madeira increased year-on-year

According to information released today by Statistics Portugal (INE), in the 2^nd half of 2022 (last 12 months), the median house rental value of the 1,353 new lease agreements of dwellings in the Autonomous Region of Madeira was 7.35 euros/m², the highest value in the available time series (which started in the 2^nd semester of 2017). Compared to the previous semester, the agreements increased by 6.0% and the median house rental value rose by 7.9%. This represents a growth of 10.8% and of 16.1% when compared to the 2^nd half of 2021, by the same order.

Regarding house rental value by square meter, the Autonomous Region of Madeira was the third Region with the highest value among the 25 NUTS 3 regions, behind Área Metropolitana de Lisboa (9.86 euros/m²), and the Algarve (7.47 euros/m²). It should be noted that the national average stood at 6.52 euros/m².

Given the minimum number of 30 transactions established for dissemination purposes, the information is only available for the municipalities of Funchal, its contiguous municipalities (Câmara de Lobos and Santa Cruz), Calheta, Machico and Ribeira Brava. In the year of reference, Funchal accounted for 903 of the 1,353 new lease agreements, followed by Santa Cruz with 213, Câmara de Lobos with 61, Calheta with 39, Machico with 37 and Ribeira Brava with 33.

Looking at the median house rental value by municipality, Funchal (8.43 euros/m²) was the only municipality surpassing the value of the Region (7.35 euros/m²), followed by Santa Cruz (6.52 euros/m²), Machico (4.59 euros/m²), Ribeira Brava (4.36 euros/m²), Câmara de Lobos (4.18 euros/m²) and Calheta (3.45 euros/m²).

Establishing a ranking by municipality, Funchal has the 11^th highest rental value, after Lisboa, Porto, Lagos and several municipalities of Área Metropolitana de Lisboa and Área Metropolitana do Porto.

In the 4^th quarter of 2022, the median house rental value in the Autonomous Region of Madeira was 7.54 euros/m², corresponding to an increase of 12.5% year-on-year and a quarterly decrease of 0.1%. In Funchal, that same value stood at 8.93 euros/ m², rising by 12.8% over the same quarter of 2021 and by 4.1% compared to the previous quarter. It should also be noted that the new agreements mentioned above increased when compared with the same quarter of the previous year (+24.5%) and with the same quarter of the previous year (+9.2%).

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