Rents for homes in the Autonomous Region of Madeira rose 5.8% in October compared with the same month last year, reaching 15.7 euros per square metre. The figures come from the monthly report by Idealista, published on Tuesday, 3 November.
In Funchal the increase was more moderate, at 4.1%, with the median rent reaching 16.5 euros per square metre. In Santa Cruz the figure was 12.4 euros. Despite the annual rise, prices remained below the historic high recorded in August, when average rent stood at 16.2 euros.
According to Ruben Marques, spokesperson for Idealista, Madeira continues on an upward path, though at a slower pace than in September, and demand still outstrips available supply.
Nationally, rents rose 1% over the past 12 months, to 17.2 euros per square metre. Madeira ranks third among the most expensive regions for renting, behind the Lisbon Metropolitan Area and the Algarve.
