According to the Idealista portal’s Quarterly Sales Price Report, house prices in Madeira increased by 2.7% in the first quarter of the year compared to the previous quarter.
According to the index, buying a house in the Region cost 2,954 euros per square meter (euros/m2) at the end of March, taking into account the median value. In relation to the monthly variation, the increase was 1.5% and the annual increase was 21.6%.
Prices rose in Santana (11.9%), Calheta (8.4%), Câmara de Lobos (8%), Ribeira Brava (6.3%), Santa Cruz (6.3%), Ponta do Sol ( 5.1%), Funchal (2.2%) and Machico (0.9%)
The most expensive municipality to buy a house is Funchal (3,260 euros/m2), followed by Calheta (3,207 euros/m2), Ponta do Sol (2,844 euros/m2), Ribeira Brava (2,597 euros/m2), Câmara de Lobos ( 2,420 euros/m2) and Santa Cruz (2,065 euros/m2). On the other hand, the most economical are Santana (1,627 euros/m2) and Machico (1,660 euros/m2).
Houses in Porto Santo rose 0.9% during the same period analyzed, setting the price per square meter at 2,273 euros/m2.
At a national level, housing prices fell by 1.9% in the first quarter, standing at 2,610 euros/m2.
Districts/Islands
Analyzing by districts and islands, the biggest price increases took place in Vila Real (3.3%), Leiria (3%), Lisbon (2.9%), Madeira Island (2.7%), Porto (2 .6%), Viseu (2.5%), Faro (2.1%), Terceira island (1.8%), Beja (1.6%), Coimbra (1.3%), Braga (1. 3%), Aveiro (1.2%),
Setúbal (1.1%), Pico island (0.9%), Faial island (0.9%), Porto Santo island (0.9%), Santarém (0.8%), Santa island Maria (0.6%), Bragança (0.6%) and Guarda (0.6%).
On the other hand, prices fell on the island of São Jorge (-4.1%), Castelo Branco (-4%), Évora (-3.6%) and Viana do Castelo (-1.4%). In Portalegre (-0.5%) and São Miguel Island (-0.4%), prices remained stable.
Regions
During the first quarter of 2024, house prices only fell in Alentejo (-1.5%). On the other hand, prices rose in the Autonomous Region of Madeira (2.7%), followed by the North (2.6%), Lisbon Metropolitan Area (2.6%), Center (2.3%) and Algarve ( 2.1%). In the Autonomous Region of the Azores (0.3%) prices remained less stable during this period.
The Lisbon Metropolitan Area, with 3,632 euros/m2, continues to be the most expensive region to purchase housing, followed by the Algarve (3,321 euros/m2), Autonomous Region of Madeira (2,954 euros/m2) and North (2,159 euros/m2 ). On the opposite side of the table are the Center (1,431 euros/m2), the Autonomous Region of the Azores (1,443 euros/m2) and Alentejo (1,502 euros/m2) which are the cheapest regions to buy a house.
