According to data released by the National Statistics Institute (INE), in May 2024, the median value of bank appraisals on housing in the Autonomous Region of Madeira stood at 1,847 euros/m2, an increase of 2.8% over the previous month (i.e., 51 euros more) and an increase of 16.8% compared to the same month of the previous year (+266 euros).
In apartments, the median value of bank appraisals in the Autonomous Region of Madeira was 1,925 euros/m2, reflecting a change of +1.6% compared to April 2024 and +18.3% compared to the same month of the previous year. In houses, this indicator stood at 1,726 euros/m2, 4.1% higher than in the previous month and 16.8% higher than in the same month last year.
At the municipal level, it should be noted that the median value of bank appraisals in Funchal, in May 2024, stood at 2,109 euros/m2, +0.1% than in the previous month and +12.1% than in May 2023.
In addition to Funchal, and in the month in question, the municipalities of Câmara de Lobos and Santa Cruz also exceeded the minimum number of observations registered (33), whose bank appraisal values reached 1,734 euros/m2 and 1,751 euros/m2, respectively. Câmara de Lobos recorded an increase of 0.2% over the previous month and 17.6% over the same month of the previous year, while Santa Cruz recorded a monthly change of +4.0% and a year-on-year rate of change of +19.0%.
The median value of bank appraisals in the country stood at 1,610 euros/m2, 14 euros more than in the previous month (+0.9%). The year-on-year rate of change was +6.6% (+€100).
In the context of the 9 NUTS II regions of the country, the highest values were observed in Greater Lisbon (2,350 euros/m2) and the Algarve (2,171 euros/m2), followed by the Autonomous Region of Madeira (1,847 euros/m2). Compared to the same period of the previous year, the Autonomous Region of Madeira (+16.8%) recorded the highest positive change and the Algarve (+1.6%) the lowest. Compared to the previous month, the Algarve (+2.9%) led the increases, with the RAA with the highest negative change (-4.6%) appearing at the opposite pole.
For the calculation of the median value of bank appraisals, in May 2024, 700 appraisals were considered, +26.8% than in the same period of the previous year. Of these, 359 were apartments and 341 were houses. Compared to the previous month, 28 more evaluations were carried out, corresponding to an increase of 4.2%.
Samantha Gannon
info at madeira weekly.com
