Funchal Rental Market Booms: 100% Increase in Available Properties
The city of Funchal, Madeira, witnessed a staggering 100% increase in the rental market during the second quarter of 2024, compared to the same period in 2023. This surge was revealed by the online real estate platform idealista, highlighting a significant shift in the island's housing landscape.
Across Portugal, 15 capital cities saw a dramatic rise in rental properties:
- Aveiro led the way with a 145% increase.
- Faro followed closely with a 103% rise.
- Funchal experienced a remarkable 100% growth.
- Porto saw a 97% increase in rental options.
Other cities that witnessed significant growth in rental supply include:
- Setúbal (93%)
- Braga (87%)
- Lisboa (86%)
- Coimbra (70%)
- Santarém (68%)
- Vila Real (63%)
- Viseu (49%)
- Leiria (46%)
- Évora (42%)
- Bragança (32%)
- Castelo Branco (18%)
In contrast, some cities experienced a decline in rental property offerings:
- Beja saw the most significant drop, losing 38% of its rental supply.
- Guarda (-14%)
- Ponta Delgada (-12%)
- Portalegre (-10%)
- Viana do Castelo (-6%)
These trends highlight the growing demand for rental properties in Portugal's major cities, particularly in Funchal, where the increase is attributed to:
- A flourishing tourism industry: The island's popularity as a tourist destination attracts both short-term and long-term renters.
- A growing population: As more people move to Madeira for work or lifestyle reasons, the demand for housing continues to rise.
- Increased investment: Investors are increasingly attracted to the Madeira real estate market, leading to a rise in the number of properties available for rent.
The idealista report suggests that the rental market in Funchal is experiencing a period of growth, offering both opportunities and challenges for tenants and landlords alike. The future of the market will depend on factors such as economic growth, tourism trends, and government policies.
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