First Decrease In Four Months
The rental housing market in Madeira saw a 4% decrease in prices in February, marking the first decrease in four months. According to the Idealista price index, the cost of renting a house in Madeira stood at 13.7 euros per square meter at the end of February, with Funchal experiencing a 5.1% decrease during the same period.
Rental Prices Stable On National Level
This contrasts with the national level, where housing lease prices remained stable at 15.8 euros per square meter for the second consecutive month. Despite this decline, Lisbon maintains its position as the city with the highest rental prices at 21.5 euros per square meter, followed by Porto at 16.9 euros per square meter. Funchal ranks third.
Lasting Trend Or Temporary Fluctuation?
It is unclear whether the recent decline in house prices in Madeira and Funchal could signify a downward shift in the prices for rental housing, potentially offering new opportunities for people to find appropriate housing. It remains to be seen if this is a lasting trend. Much will depend on the interest rates finally being able to go down. Chances for this are good if inflation can remain at significantly lower levels than in 2023. However, world politics are unstable and insecurities appear to remain a lasting inconvenience for tenants and home buyers.
Source: JM-Madeira
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