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House Valuations at All Time High

According to data released by the National Institute of Statistics (INE), in January 2023, the median bank valuation value of housing in the Autonomous Region of Madeira (RAM) stood at 1,502 euros/m2, an increase of 1.0% compared to the previous month and +16.1% compared to the same month of the previous year. This value constitutes a new maximum of property values.

The same source states that with regards to apartments, the median bank valuation value in RAM was 1,560 euros/m2, reflecting a variation of +0.6% compared to December 2022 and +18.4% compared to the same month. House valuations were variable, standing at 1,443 euros/m2, 0.3% lower than the value observed in the previous month, and +15.1% compared to the value of the same month last year.

At the municipal level, it should be noted that the median bank valuation value in Funchal in January 2023 was set at 1,747 euros/m2, 0.2% less than in the previous month and 15.7% more than in January 2022.

In addition to Funchal, and the month in reference, the minimum number of observations recorded (33) also exceeded the municipalities of Câmara de Lobos and Santa Cruz, whose bank valuation values were 1,567 euros/m2 and 1,386 euros/m2, respectively. Câmara de Lobos saw an increase of 3.7% compared to the previous month and a growth of 31.6% compared to the same month, while Santa Cruz recorded a monthly change of +0.5% and a year-on-year of +16.6%.

The median bank valuation in the country reached EUR 1, 485/m2, 27 euros more than in the previous month (+1.9%). The annual variation was +14.9%.

In the context of the 7 NUTS II regions of the country, the highest values were observed in the Algarve (EUR 2,090/m2) and in the Lisbon Metropolitan Area (EUR 1,988/m2) with RAM (EUR 1,502/m2) in third place.

To calculate the median bank valuations from January 2023, 474 evaluations were considered, -28.3% in the same period of the previous year. Of these, 257 were apartments, and 217 of villas. Compared to the previous month, 29 fewer evaluations were carried out, which corresponds to a decrease of 5.8%.

Samantha Gannon

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