Advertised residential rents in Madeira rose by 5.8% in October compared with the same month last year, reaching a median of €15.70 per square metre, according to Idealista’s monthly report, released on Tuesday, the 3rd of November.
In Funchal, the annual increase was more moderate, at 4.1%, bringing the median asking rent to €16.50 per square metre. In Santa Cruz, the figure stood at €12.40.
Despite the annual rise, Madeira’s rental prices remained below the record high of €16.20 per square metre recorded in August.
According to Idealista spokesman Ruben Marques, rents in Madeira continue to rise, although at a slower annual rate than in September. He said demand for rental properties continued to outstrip supply.
Nationally, advertised rents increased by 1% over the past 12 months, reaching a median of €17.20 per square metre.
The Lisbon Metropolitan Area remained the most expensive region, at €20.80 per square metre, followed by the Algarve at €18. Madeira ranked third at €15.70, ahead of the North (€14.10), Alentejo (€11.60), the Azores (€11.20) and the Centre (€10.20).
Alentejo recorded the largest annual increase, at 12.2%, followed by the Azores at 7.1% and Madeira at 5.8%. Prices also rose in the Algarve (3.5%) and the Centre (2.4%). The North was the only region to record a decline, with rents falling by 6.6%.
Among the cities covered by the report, Funchal was the third most expensive, with a median asking rent of €16.50 per square metre. Lisbon topped the table at €23.80, followed by Porto at €18.30.
Behind Funchal were Faro (€15), Setúbal (€13.70) and Aveiro (€13.50).
Funchal’s annual increase of 4.1% was below those recorded in Aveiro (14.2%), Évora (8.2%) and Santarém (7.6%).
Idealista’s figures are based on advertised asking rents for properties listed on its platform, excluding listings identified as atypical or priced outside normal market ranges.
Samantha Gannon
info at madeira-weekly.com
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