House prices up 7.8%

Remarkable rise in property prices during pandemic.

Contract being exchanged indicating rising house prices in Madeira

JM reports that house prices in Madeira increased by 7.8% during 2020, and now stands at €1,678 per square metre, according to the price index of the Idealista portal. The increase in the last 3 months was 5.2%.

Of the 10 municipalities analyzed, Calheta was the one with the highest increase (18%) followed by Câmara de Lobos (17.5%), Machico (7%), Funchal (5.7%), Santa Cruz (3.9 %), Ribeira Brava (2%) and Ponta do Sol (0.7%). On the other hand, prices decreased in Santana (-6.8%) and São Vicente (-0.1%).

Funchal showed an increase of 5.7% taking the value to €1,937/square metre. The most expensive parishes to buy a house in Funchal are Sé (€2,277 / m2), São Martinho (€2,157 / m2) and Imaculado Coração de Maria (€2,157 / m2). On the other hand, the cheapest are Monte (€1,254 / m2), São Roque (€1,358 / m2) and Santo António (€1,500 / m2).

In Porto Santo, prices dropped 4.2% in 2020, taking the price to €1,347 /m2.

In comparison with the rest of the country, housing increased by 5.9% during the same period, standing at €2,147 /m2.

COVID-19 in Madeira: previous daily updates can be found on an earlier post.

1 thought on “House prices up 7.8%”

  1. I know of apartment owners who were casually renting to holidaymakers. They are now desperate to rent to anybody! I am just waiting for them to sell – next year may be the year for a bargain!

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