Find out what’s happening in the property investment arena both in the UK and internationally
Madeira Property Outside The Downturn Reality
October 23, 2009Article by Ray Withers
Madeira property offers a unique opportunity to buy property in the safety of an established property market, amidst the climate, growth potential and low living costs of an African nation.
For those that don’t know: Madeira is an archipelago (grouping of islands) in the mid Atlantic ocean, which is classed as an autonomous region of Portugal. Madeira is culturally and ethnically part of Europe, despite the fact that it is geographically closer to Africa. Madeira Island and Porto Santo Island are the only inhabited islands.
Madeira property has grown in popularity with international buyers since Portugal began to become an alternative to Spain, and this growth has intensified since the advent of the budget flight, well since budget airlines started servicing the Madeira route.
Speaking of budget airlines, Jet2.com the low cost airline will begin flights to Madeira from Manchester airport on 3 May 2010, with prices starting from £49.99 one way (including taxes) to Funchal.
Ian Doubtfire, MD at Jet2.com said: “Madeira is a stunning island and an absolutely fantastic summer holiday destination which I am sure will be extremely popular with our customers in the North West and beyond.”
Duarte Ferreira, Director at Madeira Airport, added: “The launch of this new scheduled route is extremely positive news for Madeira and will open up this beautiful region to many more visitors. The creation of this brand new link, especially at a time when other operators are looking to cut costs and services, plays such an important role for tourism in the region, benefiting the local economy and people working and living on the island.”
“We hope that this partnership with Jet2.com will result in the opening of several new routes from the UK in the near future.”
Ben Jeffries, sourcing manager for international property investment consultancy Property Frontiers says that the flights are good news for Madeira property, for more than the obvious reasons, he said: “New flights into a region or an area — especially budget flights during a recession — are always accepted as being good news for the local property market, because they increase accessibility, and are both a testament to an area’s potential for tourism growth and a boost for its continued tourism growth.
“But in the current climate; when there is worry among overseas property buyers of flights being reduced, this is a massive vote of confidence for the tourism sector in Madeira, which is a vitally important to anyone considering a property investment on the islands.”