In the 1st semester of 2023
Number of new lease agreements in the Autonomous Region of Madeira decreased year-on-year, while the per-square-meter value increased
According to information released today by Statistics Portugal (INE), during the 1st semester of 2023 (last 12 months), the median house rental value of the 1,307 new lease agreements in the Autonomous Region of Madeira was 7.71 euros/per square meter. This represents the highest value in the available data series, which began in the second semester of 2017. Compared to the previous semester, there was a decrease in new agreements of -3.4% and an increase of +4.9% in the median house rental values. In comparison to the 1st semester of 2022, there were corresponding changes of +2.4% and +13.2%, respectively.
Among the 25 NUTS 3 regions, the Autonomous Region of Madeira ranked as the third region with the highest median house rental values (7.71 euros/per square meter), following Área Metropolitana de Lisboa (10.42 euros/per square meter) and the Algarve (7.95 euros/per square meter). It should be noted that the national average was 6.86 euros/per square meter.
Considering the minimum threshold (30 transactions) established for dissemination purposes, data were only available for Funchal, its contiguous municipalities (Câmara de Lobos and Santa Cruz), and Calheta. During the reference period, Funchal accounted for 849 out of the 1,307 new lease agreements, followed by Santa Cruz with 216, Câmara de Lobos with 67, and Calheta with 43.
Regarding the median house rental values among municipalities, recorded the highest value at 8.89 euros per square meter, surpassing the regional average of 7.71 euros per square meter. Santa Cruz (7.15 euros/per square meter), Calheta (5.46 euros/per square meter), and Câmara de Lobos (5.35 euros/per square meter) followed in that order.
When establishing a ranking by municipality in the country based on the highest rents, Funchal ranked 11th, following Lisbon, Porto, and municipalities within Áreas Metropolitanas de Lisboa and Porto, as well as the Algarve region. Funchal held the same position in the previous semester.
Limiting the analysis to the second quarter of 2023, it is noted that the median house rental value in the ARM was 8.04 euros/per square meter, representing a 9.4% year-on-year increase and a 5.1% quarterly increase. In Funchal, the same value was approximately 8.97 euros/square meter, marking a 7.7% increase compared to the same quarter in 2022 and a 2.2% increase compared to the previous quarter.
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