Property for sale in Santa Maria Maior (funchal)

In Santa Maria Maior, Funchal, the average real estate prices vary depending on the type and location of the property. As of late 2023, prices for residential properties in this area typically range from €1,500 to €2,500 per square meter. For example, a one-bedroom apartment in the district can cost around €150,000, while larger three-bedroom apartments may be priced between €300,000 and €450,000. Villas and townhouses tend to be significantly more expensive, with some reaching up to €1 million, especially when situated in desirable locations with ocean views. Additionally, the average rental prices hover around €800 to €1,200 per month for apartments, depending on size and proximity to amenities.

Over the last year, property prices in Santa Maria Maior, Funchal, have experienced a notable increase. According to local real estate data, average property prices surged by approximately 12%, rising from around €1,500 per square meter to €1,680 per square meter. In particular, two-bedroom apartments have seen significant appreciation, with listings jumping from an average of €210,000 to about €235,000 within the same timeframe. Additionally, the demand for waterfront properties has driven prices even higher, with some premium listings exceeding €3,000 per square meter, particularly for those with ocean views or in close proximity to the popular Marina do Funchal. The rental market has also tightened, with average monthly rents increasing to around €950 for a standard two-bedroom apartment, reflecting a rise of about 10% from the previous year.

Real estate prices in Santa Maria Maior, Funchal, are influenced by several key factors. Firstly, location plays a crucial role; properties with views of the Atlantic Ocean can fetch prices ranging from €200,000 for one-bedroom apartments to over €500,000 for larger, more luxurious units. The proximity to amenities such as Marina do Funchal, local markets, and restaurants can increase property values significantly, often adding €50,000 to €100,000 to the price. Additionally, the condition and age of the property are vital, with renovated older homes commanding up to 20% more than comparable properties that require significant repairs. Market trends also play a part; as tourist demand surges, especially during peak seasons, short-term rental properties become increasingly valued, pushing average prices up to €180 per night for rentals, further influencing overall market prices in the area. Finally, economic conditions, such as interest rates and local employment opportunities, can also impact buying power and, consequently, real estate prices in Santa Maria Maior.

Home prices in Santa Maria Maior, Funchal, tend to be higher than in nearby neighborhoods such as São Martinho or Santo António. As of October 2023, the average asking price for a property in Santa Maria Maior is around €2,500 per square meter, whereas in São Martinho, the average is approximately €2,100 per square meter. In Santo António, the figure drops further to about €1,800 per square meter. Properties with views of the ocean or historical architecture in Santa Maria Maior, such as those located near the iconic Cathedral of Funchal, can significantly push prices up, sometimes reaching €3,000 per square meter. In contrast, more residential areas in São Martinho and Santo António offer lower pricing, making them more accessible for buyers seeking value. Additionally, the appeal of Santa Maria Maior, with its vibrant local culture and proximity to the city center, contributes to the heightened real estate demand compared to its neighboring districts.

In Santa Maria Maior, Funchal, properties predominantly consist of traditional Madeiran houses, modern apartments, and some historical buildings. One of the more common types is the one-bedroom apartment, which typically ranges from €100,000 to €200,000, depending on the location and condition. Larger two-bedroom apartments can be found within the €150,000 to €300,000 bracket, especially those with ocean views or near key amenities. For those interested in houses, semi-detached properties usually start around €250,000, while fully renovated traditional homes can reach upwards of €400,000. Properties with panoramic views or unique architectural features, such as those in the historical areas, may command prices exceeding €600,000. Overall, the diversity in property types reflects the area's rich cultural heritage and appeal.

In Santa Maria Maior, Funchal, rental prices have shown a notable increase over the past year, reflecting a broader trend in Madeira’s real estate market. As of late 2023, the average monthly rent for a one-bedroom apartment in this neighborhood hovers around €800, a substantial rise from approximately €650 a year ago. For larger accommodations, such as three-bedroom apartments, the average rental price has surged to about €1,500 per month, compared to €1,200 a year prior. Properties located close to the waterfront or with excellent views command even higher prices; for instance, some can exceed €2,000 per month. Additionally, the scarcity of available properties has led to competitive bidding, pushing prices further up and causing some landlords to adjust rates more frequently to capitalize on the heightened demand.

The cost of living in Santa Maria Maior, Funchal, tends to be relatively moderate compared to other areas in the city. For example, the average rent for a one-bedroom apartment in the city center is around €700 per month, while in Santa Maria Maior, it can be found for approximately €600, making it a bit more affordable. Grocery prices in this neighborhood reflect similar trends; a liter of milk typically costs around €1, compared to €1.10 in more upscale areas like São Martinho. Dining out is another factor where Santa Maria Maior can offer better value; a meal at a local restaurant averages about €12, while the same meal in other districts may start at €15 or more. Transportation costs are also consistent, with a monthly public transport pass costing around €35 citywide, reflecting a uniform pricing strategy across Funchal.