Rent Prices Rise by 7.7% Over the Past Year
In August, Madeira recorded the largest year-on-year increase in housing rental prices across Portugal, according to the National Institute of Statistics (INE) and reported by Diário de NotÃcias da Madeira. The average rent per square meter in Madeira jumped 7.7% compared to the same month last year, marking the steepest growth in Portugal.
Example in Numbers
For a family renting a 100 m² apartment at €1200 per month in 2023, the 7.7% rent increase would mean an additional €100 per month in 2024, raising their rent to €1300,10.
Rent 2023: €1200.00
Rent 2024: €1300.10
Nationwide Rent Increases With Madeira Leading
Housing rents in Portugal increased by 7.2% compared to August 2023, a slightly higher score from the 7.1% growth reported in July. No regions saw a decline in rental prices, highlighting a national, European if not global trend of rising housing costs.
High market prices for housing have already led the government to adjust the levels of support for renting and purchasing homes in Madeira.
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