In May this year, renting a house in Madeira cost, on average, 1,650 euros, an increase of 17.86% compared to last month. However, when compared to the same period of the previous year, May 2023, when renting a house costs, on average, €1,050, there is a sharp increase of 57.15%.
The data was revealed by Imovirtual, a real estate portal that released today its barometer on the evolution of the average advertised rental and sale prices on the island of Madeira. The data now shared refer to the comparison of May this year with the same period, May 2023.
When it comes to sales, last month, buying a house cost, on average, €475,000, a figure that rose very slightly compared to last month (+1.06%). However, when compared to the same period of the previous year, May 2023, when buying a house cost, on average, €400,000, there is a sharp increase of 18.75%.
The municipalities that recorded the highest increase in the average price of houses for sale, compared to May 2023, were Ponta do Sol and Ribeira Brava (+18%), where values rise from €550,000 to €650,000 and from €325,000 to €385,000, respectively. Santana was the only municipality that recorded a decrease in the average prices of houses for sale (-4%, €250,000 to €240,000). In Porto Moniz and Calheta, the average prices of houses for sale remain the same as last month (€210,000 and €750,000, respectively).
In May, Porto Moniz (€210,000) stands out as the cheapest municipality to buy a house, with the most expensive being Calheta (750 000€).
Samantha Gannon
info at madeira-weekly.com
