“House prices in the Autonomous Region of Madeira increased by 2.7% in April compared to the previous month”, which ultimately led Funchal (2,270 euros/m2) to surpass Faro and “become the third most expensive city in the country”, according to the ‘idealista’ price index.
This indicator, released monthly by the real estate portal, states that “buying a house in Madeira already costs more than 2,000 euros/m2”, with the exact median value being 2,062 euros per square meter at the end of April this year, greatly influenced by the prices practiced in the Madeiran capital, but also in Calheta, which already has prices above the regional median. “In relation to the quarterly variation, the rise was 7.7% and the annual one of 16.4%”, he adds.
“Prices in the region increased in April in São Vicente (6.9%), Ponta do Sol (2.3%), Funchal (1.9%), Santana (1.9%), Câmara de Lobos ( 0.9%), Santa Cruz (0.4%) and Calheta (0.3%)” and only dropped in Machico (-1.6%) and Ribeira Brava (-1%), trusts the ‘idealist’.
Thus, “the most expensive municipality to buy a house is Funchal (2,270 euros/m2), followed by Calheta (2,063 euros/m2), Câmara de Lobos (1,726 euros/m2), Ribeira Brava (1,662 euros/m2). On the other hand, the cheapest are Santana (988 euros/m2), São Vicente (1,109 euros/m2), Machico (1,227 euros/m2), Santa Cruz (1,311 euros/m2) and Ponta do Sol (1,551 euros/m2)” . He adds: “Following the trend in the region, houses in Porto Santo rose 2.3% during the same period analyzed, setting the price per square meter at 1,463 euros/m2.”
“At the national level, the price of housing remained stable in April, standing at 2,348 euros/m2”, also greatly influenced by the two metropolitan areas.