Madeira Property Sales Value Increases 37.3% to Exceed €1 Billion in 2024
The total value of properties sold in the Autonomous Region of Madeira reached €1,026.2 million in 2024, marking a significant increase of 37.3% compared to the previous year. This data was released today by the Regional Directorate of Statistics of Madeira (DREM) in its annual publication on Construction and Housing Statistics. The report highlights a dynamic housing market characterized by rising prices, increased construction licensing, and higher costs for labor and materials.
The statistical data, sourced from DREM and the Urban Operations Information System (SIOU), provides a comprehensive overview of the region's real estate sector. In 2024, a total of 3,820 homes were sold, which represents a 15.8% increase in the number of transactions compared to 2023. This surge in sales activity pushed the total transaction value past the one-billion-euro threshold.
Property prices in Madeira saw substantial growth. The median price of family homes sold in the region rose to €2,395 per square meter, an increase of 26.8% from the previous year. Bank valuations also reflected this upward trend, with the median valuation for housing reaching €1,904 per square meter, a 14.8% year-over-year increase and a new record for the data series which began in 2011. The rental market also experienced price hikes, with the median rent for 1,349 new contracts signed in 2024 reaching €9.60 per square meter, up from €8.33 per square meter in 2023.
The construction sector in Madeira shows a mixed but generally expansive picture. The number of licensed buildings increased by 16.3% to 598 in 2024. However, the number of completed buildings decreased by 16.1% to 380. In contrast, the number of completed housing units (fogos) within these buildings saw a significant rise of 29.5%, totaling 1,105 units, up from 853 in 2023. This suggests a trend towards developing larger, multi-family residential projects. The number of licensed new dwellings saw a slight decrease of 2.7% to 1,280.
Need Expert Guidance?
Get personalized insights from verified real estate professionals, lawyers, architects, and more.
Data from the Annual Survey of Construction Companies indicates a 17.5% growth in the total value of construction work. Labor costs for construction companies based in Madeira amounted to €904.4 million, a 17.5% increase from 2022. The report notes that the growth was driven primarily by a 32.2% increase in the value of work on buildings, which reached €628.8 million, while work on civil engineering projects decreased by 6.3%.
The cost of raw materials also increased. Sales of cement, a primary material for construction, grew by 8.9% in volume to 175,714 tons. The monetary value of these sales, however, grew by a much larger margin of 22.8%, reaching €24.6 million, indicating a significant rise in the price of the material itself.
The DREM report provides a detailed statistical breakdown of the key indicators for Madeira's housing and construction market. The figures confirm a period of strong expansion and price appreciation in the region's real estate sector throughout 2024, positioning it as one of the most active markets in Portugal.
Stay informed on Lisbon property market developments at realestate-lisbon.com.