House prices in Madeira increased by 4.2% in the second quarter of the year compared to the previous quarter. This was revealed by the idealista price index, which made more progress than buying a house in the Region cost €2,560 per square meter (€/m2) at the end of June, taking into account the median value. In relation to the monthly variation, the increase was 1.2% and the annual variation was 19.8%.
Looking at the different municipalities, prices rose in São Vicente (24.6%), Santana (17.3%), Ribeira Brava (9%), Calheta (8.4%), Ponta do Sol (4.7%) , Câmara de Lobos (3.7%) and Funchal (3.6%). In Santa Cruz (0.4%) and Machico (0.4%) prices remained stable in this period.
The most expensive municipality to buy a house in is Funchal (2,943 euros/m2), followed by Calheta (2,724 euros/m2), Ribeira Brava (2,330 euros/m2), Ponta do Sol (2,103 euros/m2), Câmara de Lobos ( 2,073 euros/m2) and Santa Cruz (1,761 euros/m2). On the other hand, the cheapest are Machico (1,436 euros/m2), Santana (1,447 euros/m2) and São Vicente (1,593 euros/m2).
Following the trend in the Region, houses in Porto Santo rose by 3.8% during the same period analyzed, setting the price per square meter at 1,927 euros/m2.
At national level, the price of housing rose 2.2% in the second quarter, standing at 2,536 euros/m2.
Regions.
During the second quarter of 2023, house prices rose in all regions of the country with the exception of the Autonomous Region of the Azores (-1.2%) and Alentejo (-0.5%), where prices decreased. Leading the rises is the Autonomous Region of Madeira (4.2%), followed by the Center (3.6%), North (3.1%) and Algarve (2.3%). The Lisbon Metropolitan Area (1.2%) was where prices rose the least during this period.
The Metropolitan Area of Lisbon, with 3,507 euros/m2, continues to be the most expensive region to purchase housing, followed by the Algarve (3,174 euros/m2), Autonomous Region of Madeira (2,560 euros/m2) and North (2,119 euros/m2 ). On the opposite side of the table are the Autonomous Region of the Azores (1,358 euros/m2), the Center (1,403 euros/m2) and Alentejo (1,523 euros/m2) which are the cheapest regions to buy a house.