Imovirtual, a leading real estate portal, released today its barometer on the evolution of the average advertised rental and sale prices in Portugal. The data refer to the comparison between September and October this year and the same period, October 2022.
Regarding the average value of rental properties, there is an increase in the average rent of +38%, being 463 euros more expensive, when compared to the same period last year. Although since the beginning of the year, there has been a slight stabilisation of the average values, we found that in October there was an increase (+7%), now settling at €1,696.
The same was true of house sale prices, although the rise was more subdued. Overall, buying a house is still around €40,754 more expensive than in October last year. As far as the average selling price is concerned, there was a slight increase in October, compared to September (+3%), settling at €437,970. Compared to the same period in 2022, which recorded an average sale value of €397,215, there is an increase of +10%, of houses being almost forty thousand euros more expensive.
Regarding the name of the property, we found that, unlike last month, the value of properties is being more influenced by apartments, which had a growth of 5% when compared to last month. Buying an apartment currently costs, on average, €414,305, a growth of 10% compared to the same period last year. While a house had a slight increase, it costs, on average, around €466,476, an increase of 10%, when compared to October 2022.
As for the typology, all have had increases in their prices, however, the T2 and T3 houses are the typologies that have increased the price the most (+15% and 13%, respectively), when compared to the values of 2022. On the other hand, T0 is the only one that has kept prices practically similar.
Madeira is the island where it is most expensive to buy a house
In relation to the islands, the average selling price in October, compared to September, did not have major fluctuations, with the exception of Madeira Island (+4%, which went from a value of 485,105 euros to 569,339 euros), Porto Santo Island (+3% to 390,074 euros) and Flores Island (+2%, settling at 206,931 euros).
When compared to October 2022, Graciosa Island (66%, which went from a value of €76,747 to €127,520), Porto Santo Island (57% to €390,074), Corvo Island (46%, to €238,904) and Faial Island (45%, to €223,241) were the islands with the highest values
Although Graciosa Island (€127,520) had one of the largest increases, it remained the cheapest island to buy a house in October. While Madeira (€569,339) remained the most expensive.
Samantha Gannon
info at madeira-weekly.com
