PORTUGAL
View on Funchal
Mad for Madeira? I
Pico, Sao Jorge and tiny Flores, the westernmost point in Europe, cheaper. The main tourist season is short,
running June to October, so earning a living from holiday lets alone isn’t guaranteed. However, the local rental market, particularly on Sao Miguel, is buoyant. A one or two-bedroom apartment can attract around €400 (£320) a month, a three-bedroom detached property on a yearly rental contract €600 (£475) a month. Being part of the EU means no buying restrictions, but Kevin Ormston recommends buyers take out a promissory contract to secure their property. “Normally, a 10 per cent deposit is placed. If the buyer reneges, they lose the deposit. If the vendor reneges, they return not only the deposit but a further 10 per cent.” The Azores really are hidden gems
in the middle of the Atlantic. Quieter than Madeira and parts of Cape Verde, the islands retain an old world charm. This up-and-coming destination offers a haven for those wanting a holiday home or new life off the beaten track.
ts property market might be outperforming mainland Portugal,
but Madeira isn’t trouble- free, says Linda Beaney of Beaney Pearce (www.
beaneypearce.co.uk). She refers to Madeirans who built speculatively on small plots at Calheta, Arco de Calheta and Ponta do Sol in the west. “They built on the back of a promise of a municipal golf course being built. While groundwork started the project won’t proceed in the current climate. Consequently, there is a glut of property for sale at
that end of the island.” Prices in prime locations
have dropped around 10 per cent compared to three or four years ago, up to 20 per cent in secondary regions. Prime locations include quintas (large houses in the country or outskirts of a town) in the hillsides around Funchal, but the most prime development is Palheiro Village. Comprising 79
properties, the Village sits in the hills above Funchal. Prices range from €295,000 (£234,000) for one-bedroom apartments to €780,000 (£617,000) for
Palheiro Village, €675,000 (£534,000) Re-sale within the award-winning Village. Recently completed three-bedroom villa with access to Palheiro Estate’s facilities, including heated outdoor pool, golf course and spa. Furnishings included. Contact: Beaney Pearce,
www.beaneypearce.co.uk
three-bedroom villas with pools (there are 21 left). While individual
apartments have a lower occupancy rate, buy-to-let properties with good facilities and management let well. Net rental returns around 3-4 per cent can be expected. It’s an ideal time for
buyers, says Connie Vitto of Quadrant Overseas Property (www.quadrant-
property.com). “I have a delightful two-bedroom apartment with sea views in Calheta which pre-crash would have been around €180,000 (£143,000) and is now €135,000 (£107,000).”
FOR MORE PROPERTIES IN PORTUGAL, GO TO
www.aplaceinthesun.com/capeverde
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