House prices in Madeira rise 20%

Average house price is now €392k

House prices in Madeira, including Funchal, rose 20%

JM reports that the average home sales price increased by 20.3% in April in Madeira, compared to the same period in 2021, being one of the biggest house price increases recorded in the country.

The data were released today by the real estate portal Imovirtual, which developed a study based on data referring to the comparison of March with April of this year and with the same period (April) of last year available on the platform, in which it analyzes the evolution of the average prices announced. of sale and lease in Portugal.

According to this investigation, the average sale price in the country announced in April 2022 rose slightly (+2.9%) compared to March, settling at €391,465, compared to €380,558 in the previous month.

“The value has been increasing progressively since the beginning of last year. Compared to the same period of the previous year, when the average value of houses was €352,565, there is an increase of +11% in the sale price of properties”, points out the study, which indicates that Lisbon is the district with the highest increase in the sale price, from March to April (+6.3%), as the average price goes from €595,860 to €633,192, thus remaining the most expensive district.

With less significant price increases are Aveiro (+3.3%), Braga (+3.2%) and Setúbal (+2.8%), while Castelo Branco recorded the biggest decrease in the average sale price recorded in April (-7.6%), going from €128,450 to €118,710, followed by Portalegre (-6.7%), which drops to €115,884, being the second cheapest district, after Guarda (€109,343) .

“Compared with the same period in 2021, Évora is again the district with the highest increase in the average sale price in April (+26.2%), which rises from €201,872 to €254,814 this year. As in the previous month, the regions where the average price also increased significantly were Setúbal (+22.4%) and the Autonomous Region of Madeira (+20.3%)”, highlights Imovirtual.

On the opposite side of the spectrum, Castelo Branco and Guarda, the two cheapest districts to buy a house, recorded the biggest drop in the average sale price compared to April last year, falling respectively -5.6% and -4.8%.

In terms of rent, in Portugal, the value of rents rose +19.1% in April, compared to the previous month, which represents an increase in the average rent from €1,070 to €1,274. In comparison with April of last year, when average rents were set at €991, the increase is 28.6%.

Regarding this indicator, Évora recorded the most significant increase in the average rent compared to March (+59.1%), from €650 to €1,034.

In turn, Guarda also recorded a substantial increase of +46% (from €411 to €600), as well as Faro, which increased by 43.8% (from €863 to €1,241).

Beja, which registered the biggest increase in the previous month, now has the biggest drop in rent compared to March (-20.4%), falling from €628 to €500.

Compared to April last year, Évora also recorded the biggest increase in rent, which almost doubled from €518 to €1,034. There were also significant increases in Guarda (+62%), from €370 to €600, and in Bragança (+59.9%), from €398 to €636.

The district with the biggest drop, albeit slight, in the price of rent is Portalegre (-1.8%), falling from €360 to €353. Portalegre is the cheapest district in April to rent a house in Portugal.

COVID-19 in Madeira: updates can be found in an earlier post

2 thoughts on “House prices in Madeira rise 20%”

  1. The recent high court ruling on AL will probably put a stopper on the runaway property bubble
    Many investment buyers will no doubt be looking at negative equity in the near future as they all rush to offload

    Financas will of course be jumping with glee at the prospect of so many potential repossessions

    Property is such a scam with buyers being gouged at every conceivable turn

    Reply

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