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Madeira Maturing Into All Round Destination
January 26, 2010Article by Ray Withers
Madeira real estate is expected to benefit from the level of research being carried out by private overseas property buyers and investors in 2010. The fact that people are swerving Spain when looking at buying a holiday or retirement home is also expected to generate significant sales of property in the archipelago in the coming year.
“Madeira real estate has something for everyone in terms of a holiday or retirement destination, but the entrenched stability of the tourism sector and economy also makes it perfect for investment,” said David Cox of UK based international property investment consultancy Property Frontiers.
“Spain has never lost as many sales to Portugal as it has in the last 6 months and this is not set to change anytime soon. Whenever people realise that Portugal is the best alternative to Spain, many of them decide on Madeira because of the slower pace of the lifestyle, and the tropical climate,” he added.
According to Property Frontiers Madeira has long been known as a relaxing destination for the more mature traveller, but in recent years golf and resort development has opened Madeira up to the jet-set business traveller getting away from it all, and also to families.
While it may not beat the yields on offer on some of the distressed sales in repossession hotspots of America, as a holiday home investment Madeira real estate is top 3 in the world depending on personal choice the firm said.
Occupancy rates on five star accommodation in Madeira were running at over 90% in 2007. This is an incredible occupancy rate, but when viewed against the premium rental fees five star owners can fetch it adds up to some very impressive holiday lettings rental yields — not to mention the enjoyment owners have on their own holidays in the property.
Property Frontiers are currently marketing one such 5 star resort development on the main island and Madeira capital Funchal.
The Azulara development offers the ultimate in five star modern luxury for an affordable price-tag; with 1 bedroom apartments available from just £211,000. The resort complex sits on a hillside, which means most units have impressive views out over the ocean below. The 3 bedroom apartments, priced from £362,000 come with a large balcony to enjoy those sea views. 2 bedroom apartments are also available priced from £238,000.
Perhaps most incredibly: just a 5% deposit is required to reserve and 70% finance is available on completion.