Madeira “surfs” foreign demand and house prices soar by more than 40%

We are proud to say that KW is a leader in Madeira.

n

n

Marco Tairum, our CEO spoke to Observador about this historic year for Madeira.

n

n

House prices in Madeira jumped 43% year-on-year in the third quarter, more than four times the national average. In the previous quarter they had risen by 25%.

n

House prices in the Autonomous Region of Madeira soared by 43% in the third quarter of last year, compared to deals made in the same period in 2022. The rate of increase in house prices in Madeira, which had already risen by 25% in the previous quarter, is four times the rate at which house prices continued to rise on the national average between July and September – 10%. Those on the ground have a simple explanation: Madeira “is knowing how to surf foreign demand, in contrast to Lisbon, which hasn’t been able to do the same”.

n

According to data from the National Statistics Institute (INE), released this Tuesday, the median price of family housing transacted in Portugal increased by 10% in the third quarter of 2023, compared to the same period in 2022, to 1,641 euros per square meter. This (median) figure represents an increase of 0.7% compared to the immediately previous quarter and the year-on-year increase of 10% is an acceleration compared to the 9% that had been the variation in the second quarter (compared to the second quarter of the previous year, i.e. 2022).

n

Despite the impact of interest rates and inflation, which all over Europe is depressing real estate prices, the value of homes in the vast majority of the country’s regions continues to rise at a significant rate. This happened in 22 of the 26 sub-regions into which INE divides the national territory.

n

Read the full original article at observer.co.uk

Leave a Comment

Your email address will not be published. Required fields are marked *

Formative Curriculum

Fill in the details below and receive information about our complete free training program at KW.

Contact details
Additional information