Find out what’s happening in the property investment arena both in the UK and internationally
The Good, Bad And The Ugly Of Madeira Property
September 8, 2009Article by Ray Withers
The ugly side of Madeira property was exposed as Funchal Council revealed a 1000 families in the city are waiting for rehousing from homes that are falling down – while developers are selling immaculate £1 million luxury apartments to second homes and investors.
The families are tenants in rented properties that suffer from a building blight following legislation aimed at improving living standards in leased homes introduced in 2006.From their superb five start luxury properties, owners mostly from overseas have sweeping views of Funchal and out to the North Atlantic.
One 86-year-old tenant featured in Madeira news lives in a tumbledown rented house for which she pays 35 Euros a month rent.
The old woman says she is scared of being buried in the rubble of her collapsing home while the landlord alleges the lease is holding them both to ransom because the rent can’t support the costs of maintaining the house or any borrowing for essential repairs.The policy has forced down prices of older property in Madeira, while the price of newer homes surge upwards.
International property consultants Property Frontiers demonstrate how the other half lives in Madeira.
The Oxford firm is handling the sale of the modern; architect designed and landscaped Azulara resort, in Funchal, Madeira.
Azulara comprises stunning apartments and villas with breathtaking views over Funchal and the ocean, and is a trendy and desirable development fore second homers and investors finished with a top quality architect designed polish.
The one to four-bed properties cost from £222,000. Upmarket four-bedroom villas with a pool fringing a golf course estate come with a £1 million price tag.The final resort plan for Azulara is for 112 apartments and 61 villas, with all the services a discerning buyer would expect from a five star luxury resort, including a spa, gym, swimming pools, golf and an exclusive members club.
Each property comes with an en-suite bathroom. The two and three beds also come with their own private verandas. For many, the main attraction of Madeira is the year-round warm weather that encourages walking, golf and other outdoor sports at any time.