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Pushing The Limits With Luxury Madeira Property
September 3, 2009Article by Ray Withers
As one of the most far flung points of Europe, buying Madeira property is about as far as you can go to get away from it all without setting foot on another continent.Politically and economically, the island is inextricably linked to Portugal, but geographically, Madeira is anchored about 500 miles out in the Atlantic and is not part of any continent.
For those wanting a holiday home that’s out of the way, Madeira’s the ideal place. The temperature is consistently warm all year round Access is almost entirely by air – about three hours flying time from London – or the occasional day-trip cruise liner One of the most popular past times is walking among the stark volcanic landscape.
The island is home to about 240,000 people, with more than half living in and around the capital Funchal. Besides walking, the island has golf courses with mountains and the ocean as dramatic backdrops, sailing and day cruises to Porte Santo, the only other inhabited island in the Madeiran archipelago. Other entertainment is eating, drinking and spectacular New Year firework parties in the bay below Funchal.
The island has a reputation for luxury, and new property in Madeira is limited by strict planning guidelines and a cap on the height of apartment and hotel blocks, which keeps supply in check with demand.Property Frontiers, an Oxford-based international property consultancy is handling the sale of luxury five star apartments at Azulara Resort, Funchal.
The properties are spectacular one, two and three bedroom apartments with an en-suite bathroom.
The two and three bedroom properties also come with a private veranda. The development is sculpted into the surrounding landscape and the resort has a 180-degree sea view from Funchal Bay to Camara Do Lobos.
Other must-haves expected with a five star development include air-conditioning, underground parking, management services and security systems.Prices start at £192,391 for a one-bedroom apartment to £357,872 for a top of the range three-bedroom apartment.
Various finance options are available, including a 13% cash back exclusive top Property Frontiers combined with just a 2% deposit plus an 85% mortgage, subject to status.For investors planning to rent the apartments as holiday lets, the anticipated annual yield is about 9.7%.