The median value of bank appraisals for housing in January in the Azores was 1201 euros per square meter, an increase of 10.5% compared to the same month a year earlier, according to data from the National Statistics Institute (INE).
According to the information released yesterday by INE, in January 2023, this figure stood at an average of 1086 euros in the region.
The increase between December 2023 and January 2024 is residual in the region, at just two euros more.
The INE’s Survey of Housing Valuation indicates that, at a national level, the median value in January this year was 14 euros higher than in the previous month, standing at 1,550 euros per square meter.
“In year-on-year terms, the rate of change was 4.4% (5.3% in December 2023). It should be noted that the number of bank appraisals was around 28,900, which represents a decrease of 2% compared to the previous period and an increase of 30.8% year-on-year,” says INE.
The most significant increases in the median value of bank appraisals were found in Madeira, with a rise of 4% in January 2024 compared to December 2023.

in Diário Insular-José Lourenço-director

Editor’s Note: The price of housing in the Azores, especially in the larger islands, but really a phenomenon in the entire archipelago, has been a dilemma for the Azoreans, as one can see homes for sale in the 200 and 200 thousand euros when the majority of Azoreans have a salary that ranges from 950 to 1450 euros per month. The increased price of housing caused by foreigners and Azorean descendants with greater economic power makes housing unaffordable for the average Azorean, decreasing opportunities for young families who want to purchase their first home and stifling social mobility.

Translated to English as a community outreach program from the Portuguese Beyond Borders Institute (PBBI) and the Modern and Classical Languages and Cultures Department (MCLL) as part of Bruma Publication and ADMA (Azores-Diaspora Media Alliance)  at California State University, Fresno–PBBI thanks the sponsorship of the Luso-American Development Foundation from Lisbon, Portugal (FLAD)