In May this year, renting a house in Madeira cost, on average, 1,650 euros, an increase of 17.86% compared to last month. However, compared to the same period of the previous year, May 2023, when renting a house costs, on average, €1,050, a sharp increase of 57.15%.

The data was revealed by Imovirtual, a real estate portal that released today its barometer on the evolution of the average advertised rental and sale prices on the island of Madeira. The data now shared refer to May this year compared to May 2023.

Regarding sales, last month, buying a house cost, on average, €475,000, which rose slightly compared to the previous month (+1.06%). However, compared to the same period of the prior year, May 2023, when buying a house cost, on average, €400,000, a sharp increase of 18.75%.

The municipalities that recorded the highest increase in the average price of houses for sale, compared to May 2023, were Ponta do Sol and Ribeira Brava (+18%), where values rise from €550,000 to €650,000 and from €325,000 to €385,000, respectively. Santana was the only municipality that recorded a decrease in the average prices of houses for sale (-4%, €250,000 to €240,000). In Porto Moniz and Calheta, the average prices of houses for sale remain the same as last month (€210,000 and €750,000, respectively).

In May, Porto Moniz (€210,000) stands out as the cheapest municipality to buy a house, the most expensive being Calheta (750 000€).

by Samantha Gannon from Madeira News Weekly

info at Madeira-weekly.com