Real estate in Madeira is so well that even homes are missing for sale.
Know more...
The Regional Government's vice-president, Pedro Calado, revealed in Funchal that in 2017 the number of real estate transactions in Madeira grew almost 26 percent and that the sector is in a "positive phase that we are seeing a deficit of housing, which means that the upcoming real estate developers who manage to have housing available for sale are sure to make good deals. "
The minister, who was speaking at the presentation of the new image of the Madeira Moderna real estate company, held at Forte de São Tiago, explained that the years 2016 and 2017 were "positively positive after a few years of downturn and maintenance", which "is a sign that the economy is booming, the economy is very dynamic not only in the real estate sector as in many others" and "the recognition that the economy in the Region has been growing in the last 50/52 months." "After many years of doldrums, where the banks themselves closed to the companies and the concession of the credit, at the moment we are even witnessing the lack of real estate housing supply," he added. Pedro Calado said that there is a lot of demand from foreigners and emigrants who want to invest in the Region and also from the continental ones that come to live in the Region.
The vice president considers that this positive development "is a sign that the economy recognizes the effort that the Regional Government has made in boosting the economy and creating jobs" and recalled that since 2016, almost 42 million euros of business support, which allowed the creation of 833 new jobs.
The real estate company Madeira Moderna is an example in the same sense. It has about four dozen workers and three shops open. It will open two more stores briefly and count to end the year with 100 employees. Its objective is to have an open shop in each county of the Region. Its turnover grew 70% last year and this year it expects to triple its 2017 result. "In the last three years, demand has increased. What is foreseen is that there will always be an increase in the next five to seven years, "said administrator Roberto Silva, who confirmed a strong demand from foreigners, especially from Frenchmen looking for housing to convert them into local accommodation.