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Property Prices Go Mad In Madeira

July 1, 2009Article by Ray Withers

Prices for Madeira property are expected to rise on the as tourism is booming. Already a popular destination for summer visitors, Madeira is expecting a flood of new visitors between now and the New Year. With the advantage of a balmy North Atlantic subtropical climate all year round, the average daily temperature is 16 degrees Centigrade, Madeira is popular with British visitors.

Now, the island is expecting tourists from further afield in Europe as Spanish airline BinterCanarias adds a second plane to bring in travellers from the Canary Islands that links on to Spain and Morocco. For the New Year, Funchal expects to see seven cruise liners with 10,000 passengers and almost 4,000 crew anchored offshore top celebrate the night of Sao Silvestre.

Sailing in the cruise fleet will be the Queen Victoria, visiting the island for the first time along with four other cruise ships as travel firms ramp up their itineries to take in the destination. Estate agents are targeting older couples that have sold up and want a Madeira property investment move to Funchal for their retirement and young professionals, as home prices are so high in the island’s capital.

Purchase prices and rentals far exceed those of the onshore capital Lisbon. Many agents are quoting a 500,000 Euro price tag for a luxury apartment with parking in Funchal. Finances are forcing less well off families to look to new developments in the mountains around Funchal for new homes.

Azulara resort, with a range of apartments and villas with breathtaking views over Funchal and the ocean, is a trendy new development and moreThe one- to four-bed properties cost from £222,000. Many will be put to work as holiday rentals, a relatively new concept to Madeira. If you want to go more upmarket, four-bedroom villas with a pool on a golf estate come with a £1 million price tag. Each property comes with an en-suite bathroom. The two and three beds also come with their own private veranda.

For more information contact Property Frontiers on +44 (0) 1865 202700.

Author

Ray Withers

Ray has over 17 years’ experience in the international property market and bought his own first international property investment back in 2002. Aside from running Property Frontiers, Ray has been involved in residential, hotel, student and commercial property investment and development in both the UK and overseas and co-wrote "Where to Buy Property Abroad - An Investor's Guide". As Founder and Trustee of the Frontiers Foundation, Ray is directly involved with many of its projects to ensure they have a direct and tangible impact in individual communities across the globe. He is passionate about property, travelling, scouting out new opportunities and finding time to spend with his young family.
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