House prices in Madeira up 13.6%

Funchal falls behind

estate agents window in Funchal where house prices are still rising

Reported in the Diario, “House prices in the Autonomous Region of Madeira rose by 13.6% in 2021”, according to the ‘Idealista‘ price index for the end of December 2021 published on its website this morning. In the last month, “Buying a house in the region had a cost of 1,917 euros per square metre (euro/m2)”.

In relation to the quarterly variation, the increase was 1.7%”, it emphasizes. Although Funchal presented an increase below the regional average, ie ‘only’ +8.9% during the same period, the truth is that the cost per square metre in the Madeiran capital was already 2,110 euros. “In the last year, prices fell in just two parishes in Funchal: Imaculado Coraqäo de Maria (-12.4%) and Säo Goncalo (-2.3%).

On the other hand, the biggest increases were in the parishes of Monte ( 13-3%), Santo Antonio (11.8%), Säo Martinho (10.8%) and Santa Maria Maior (8%)”, while “the cheapest parishes to buy a house in Funchal are Monte (1,420 euros) /m2), Säo Roque (1,444 euros/m2) and Santa Maria Maior (1,676 euros/m2). On the other hand, the most expensive are Säo Martinho (2,391 euros/m2), Sé (2,359 euros/m2) and Säo Pedro (2,232 euros/m2)”

Madeiran house prices see highest growth nationally

“In Porto Santo Island , prices rose 2.5% in 2021, placing the price per square meter at €1,381”, stresses the real estate information portal. “Compared to the rest of the country, house prices increased by 8.3% during the same period, standing at 2,325 euros/m2”. The report also compares the regions of the country, and concludes that in 2021 “home prices rose in all regions”, with “the Autonomous Region of Madeira leading the list with an increase of around 13.6%, with the highest rise at the national level, followed by the Metropolitan Area of Lisbon (10.9%), the Algarve (9-9%), the Alentejo (8.3%), the Centre (7-4%), the North (5.2%) and the Autonomous Region of the Azores (4.8%)”, the house price report says.

In terms of house prices per square metre, “the Metropolitan Area of Lisbon, with 3,346 euros/m2, continues to be the most expensive region, followed by the Algarve (2,602 euros/m2), the North (1,929 euros m2), and the Autonomous Region of Madeira (1,905 euros/m2)”, says Idealista. “0n the opposite side of the table are the Autonomous Region of the Azores (1,047 euros/m2), the Alentejo (1,109 euros/m2) and the Centre (1,187 euros/m2), which are the cheapest regions”.

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