Imovirtual has released its monthly barometer on the average advertised rental and sale prices in Madeira. The data refer to the comparison of November this year with the same period in 2022.
Nationally, buying a house costs around €26,000 more than in November last year, with figures now standing at €315,000. Compared to the same period in 2022, which recorded an average sale value of €289,000, an increase of +9%.
In Madeira, buying a house costs an average of 440,000 euros, which represents an increase of 16% compared to November 2022 – 380,000 euros. Currently, this is one of the most expensive destinations in Portugal to buy a house and almost all municipalities saw an increase in prices, with the exception of Santa Cruz and Calheta.
The municipality that recorded the highest increase in the average price of houses, compared to November 2022, was Porto Santo (+56%), where values rose from €225,000 to €350,000. This was followed by Ponta do Sol (+53%, €550,000 to €360,000), Ribeira Brava (+44%, from €20,000 to €345,000) and São Vicente (+30%, from €250,000 to €325,000).
On the other hand, the only ones that recorded a drop in prices were Porto Moniz (-6% – from €265,000 to €250,000), Santa Cruz (-1% – from €265,000 to €262,000) and Calheta (1% – from €550,000 to €545,000).
Santana (€170,000), Porto Moniz (€250,000), Santa Cruz (€262,000) and Machico (€275,000) remained the cheapest municipalities to buy a house in November. The most expensive were Ponta do Sol (€550,000), Calheta (€545,000), Funchal (€455,000) and Porto Santo (€350,000).
Regarding the average value of properties for rent, at a national level, there is an increase in the average rent of +39%, being 350 euros more expensive, when compared to the same period last year. Although we are seeing a slight stabilisation of the average values, in November there was an increase (+4%), now settling at €1,250.
As far as the Region is concerned, renting a house costs, on average, 1,350 euros, an increase of 35% compared to November 2022, when rents were around 1,000 euros.
Samantha Gannon
info at madeira-weekly.com
