Buying Madeira & The Azores Property
Country: Madeira; Azores
Madeira is an island with no sandy beaches. When you first hear this you are a bit disappointed - until you see some of the 600-metre cliffs that it has instead. The dramatic rugged coast is great for walking and you really do feel like you are on top of a large mountain, which only just peaks above the water, which, of course, you are. And there are always coves, rock-pools, swimming pools and dinghies for swimming off.
It hosts the 27-hole Robert Trent Jones Jnr course of Santo da Serra - there is year-round golfing weather. Its spring-like climate, mountain views, colourful flowers and good gift shopping make Madeira a favourite cruise stop-off.
The most attractive resort on the island is Palheiro Estate, owned by the Blandy family since 1885, which comprises the five-star Casa Velha do Palheiro country house hotel, a Cabell Robinson 18-hole golf course and Palheiro Village, a development of luxury apartments and villas. Its gardens, which receive 50,000 annual visitors, are renowned because they include plants that have been introduced from all over the world.
This heritage, and the fact that there is an established hotel on site, together with the family's connections on the island, make Palheiro a good option for those who can afford the prices, which range from £217,000 for a one-bedroom apartment to £1.12 million for a four-bedroom villa (in the region of £2,000 per square metre). Besides Palheiro Village, there are also plots available on the estate, starting at £200,000 for 2,000 square metres. The payment plan demands a five per cent reservation fee, followed by 25 per cent on contract and 70 per cent upon completion. Fifty per cent of the units and 80 per cent of the plots have been sold. Overall completion is expected in mid-2008.
Palheiro Village will appeal to property buyers who are looking to touch and feel their investment and feel safe with it. While others buy off-plan in emerging markets, you can play on the 18-hole golf course, talk with others already living here, examine the completed properties and watch the rest being constructed around you. Madeira is content with its Portuguese status and feels like a safe timeless outcrop away from the relative madness and upheaval in Europe and Africa, which is 400 only kilometres away.
The development manager, Roger Still, is known for the quality of his buildings, his last project being Quinta do Lago on the Algarve. Other perks include the fact that the resort owners have connections with the tourism market and are in a position to help with lettings; the short distance from the development to the city and the airport; and the continued popularity of Madeira for tourists.
There are options in other locations, such as the sunny south-west of the island, but 70 per cent of the island is protected conservation land, so most property buyers opt for the capital Funchal, or its outskirts, where Palheiro is located. One of the largest estate agents is Madeira Property Finder, whose website hosts a wide range of property, is offering Edificio Centromar, a complex of 60 one-, two- and three-bedroom apartments and a penthouse, in Funchal, ranging in price from £70,000 to £500,000. It is well located on the waterfront, close to the marina, shops, restaurants and bars.
Nobrega Realty is another estate agent operating on the island of Madeira, offering a wide range of apartments and villas. The company's website supplies some interesting information about the buying process, mortgages and the costs you can expect to incur in taxes and fees. The property portfolios include virtual tours and the property ranges from £100,000 two-bedroom apartments in the suburb of Ajuda to a three-storey 19th-century estate with separate self-contained cottage in the heart of Funchal for £700,000.
The island of Madeira, thanks to the deep ocean that surrounds it, is known for its large fish. Madeira is affectionately known as Jurassic Park by many American anglers because the fish are so large and so old. In fact, the managing director of Palheiro landed three whopping marlins last year, weighing in total 2,500 pounds. Multimillionaires come to Madeira in search of the ultimate, a 1,000-pound blue marlin.
The climate is top class, with hot summers and warm winters (with a drop of rain to keep those buds opening) and temperatures averaging 21 degrees Celcius and not falling below 17. Crime levels are low but don't expect to be able to find work easily because employment opportunities tend to be snapped up by locals.
THE AZORES
Like Madeira, the Azores are experiencing a popularity boom among European tourists seeking an interesting Portuguese alternative to the Algarve. The Azores is a group of islands, incorporating Faial, Pico, Sao Miguel, Terceira, Flores, Graciosa, Corvo, Sao Jorge, and Santa Maria - the first four being the most popular. Whereas Madeira is nestled relatively closely to Africa, the Azores are flung halfway across the Atlantic towards America.
The Azores archipelago boasts dramatic scenery, including Portugal's highest mountain, a Mount Fuji-like cone on the island of Pico; the lush prehistoric forests are thought to give the area a Jurassic Park feel - and you don't get a fresher sea breeze than when you are surrounded by a thousand miles of ocean on each side. Attractions include religious festivals, traditional architecture, car rallies, regattas, fishing and whale-watching.
Crime is virtually non-existent, the people are welcoming and even the bulls have non-contact 'fights'. Some 900 miles west of Portugal, it is hard to believe you are standing in the EU; but thanks to this fact infrastructure is good and conveyancing is relatively safe. The islands' long-term international security is helped by its strategic importance to Europe and the US. Temperatures stay above ten degrees Celcius in winter and enter the 30s throughout the summer.
Sao Miguel Island is the largest, most developed and most inhabited - home to half of the total Azorean population (242,000), half of which live in the capital Ponta Delgada. Santa Maria Island has the oldest architecture and hosts good outdoor pursuits. You can fly directly from Gatwick to Ponta Delgada once a week from April and twice a week from May, or you can fly via Porto or Lisbon daily. The islands are linked by flights (the airline is called SATA) and ferry.
Ponta Delgada's harbourside is being redeveloped and there is a large casino in the pipeline. One of Europe's finest golf courses is Furnas Golf Course, located on Sao Miguel. There is also a course on Terceira and a new one imminent on Faial. With the golf boom in Europe and the US, the Azores are conveniently located to allow enthusiasts from both sides of the Atlantic to meet halfway.
Oceanico Developments has created an exciting new golf development on the main island of Sao Miguel, transforming the Azalea and Cedars courses. Going by the name of Azores Golf Islands and is launching its Azalea phase this year, featuring ten luxury villas, 200 apartments, a five-star hotel with spa facilities, plus a wide range of sports and leisure facilities. The resort is aimed at "tourists seeking holidays that are both relaxing and challenging in an area known for its prolific sea life, spectacular landscape and villages", according to the company.
The prices on the Oceanico development are expected to start somewhere in the region of Û250,000 for a two-bedroom apartment. With further development restricted by conservation laws and volcanic activity, quality new-build property like this is likely to represent a unique investment, rather than just becoming one of many new buildings. Oceanico has made a big impact on the world of overseas property with its big Algarve developments and its introduction of the concept of fractional ownership, whereby buyers can afford to own a quarter share of a luxury property and live in it for part of the year.
For a more modest investment, you may consider a plot of land or a property on one of the smaller islands. The estate agent A Machado is selling property such as a £50,000 farmhouse overlooking the Fazenda Valley on the island of Flores, featuring facilities to house chickens and pigs. It is also selling a £120,000 townhouse on the island of Faial with commercial premises already under lease, and four bedrooms on the first and second floors. Also from A Machado comes a large apartment development in Ponta Delgada with three-bedroom units from £130,000.
Other agents selling property on the Azores include Remax and MC Freitas.
The website Azores.com says that the Azores "are not just a destination but a magical journey", a place where you will find "harmonious convergence of majestic scenery" with "human warmth". The website has a good selection of property, including my favourite, a £30,000 renovation property on the island of Pico, sitting on a 1,000-square-metre plot, with a private road and a view to die for. Now, does anyone have a number for a local handyman...
First published in Homes Overseas Magazine June 2007.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
Some properties in Madeira
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Price: €145,000 EUR
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Type: Apartment
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Bedrooms: 2
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Description: Excellent apartment
Ref. MA-APT-SC-0003
Region: Silver Coast/ Costa de Prata
Localization: Santa Cruz surroundings
5 minutes driving to the beach
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View details | Enquire further
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Price: €315,000 EUR
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Type: House
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Bedrooms: 4
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Great Villa of Santa Cruz
Ref. FC-VIV-0008
Region: Estremadura / Silver Coast
Localization: Santa Cruz beach
Total plot area: approx. 357 m2
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View details | Enquire further
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Price: €325,000
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Type: Apartment
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Bedrooms: 1
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A luxury one-bedroom apartment located in the award-winning Palheiro Village on the Palheiro Estate, with panoramic views over the Bay of Funchal and the Atlantic.
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View details | Enquire further
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Price: €430,000
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Type: Apartment
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Bedrooms: 2
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The new private condominium of Palheiro Village offers just 79 apartments and villas, all designed and built to high quality standards. Luxury, comfort and practicality shaped the specification for these properties, which includes: 220
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Price: €730,000
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Type: Villa
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Bedrooms: 3
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A luxury three-bedroom villa located in the award-winning Palheiro Village on the Palheiro Estate, with panoramic views over the Bay of Funchal and the Atlantic.
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View details | Enquire further
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Price: €785,000
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Type: Villa
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Bedrooms: 3
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A luxury three-bedroom villa located in the award-winning Palheiro Village on the Palheiro Estate, with panoramic views over the Bay of Funchal and the Atlantic.
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View details | Enquire further
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Price: €920,000
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Type: Villa
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Bedrooms: 3
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A luxury three-bedroom villa located in the award-winning Palheiro Village on the Palheiro Estate, with panoramic views over the Bay of Funchal and the Atlantic.
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View details | Enquire further
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