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Overseas Property News
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Project in Madeira ups its game
Country: Portugal
6 May 2009 Azulara, a luxurious five-star off-plan residential resort, located on the largest and most popular of all the Portuguese islands, Madeira, has appointed a new estate agent, in an attempt to boost sales. The scheme, which will eventually consist of 112 apartments and 61 Villas, had its marketing budget slashed, following poor sales levels, in light of the sluggish global economy. However, following the sale of 30 off-plan units, the scheme, which will eventually include a spa, gym, swimming pools and exclusive members club, has stepped up its marketing strategy.
Estate agent, Property Frontiers, has been awarded exclusive access to 30 individual apartments – one to three-bedrooms – and claims to have negotiated an exclusive deal whereby the developer will provide a 13% gifted deposit along with 85% mortgage financing, leaving investors able to purchase one of these properties with just a 2% deposit. With apartments starting at €251,530 this means investors need to find just €5,031.
Although far from immune to the global financial turmoil, the local economy in Madeira, supported by strong year-round tourism levels, is buoyed by mass infrastructure improvements, and relatively strong demand for property in Maderia. The introduction of low-cost airlines, such as My Travel and Easyjet, means the island looks well equipped to whether the storm. “After conducting thorough research on the Madeiran economy and housing market, Property Frontiers decided to launch the Azulara project to our investors,” says Christopher Chadd of Property Frontiers. “The key reason we believe in this project is one of supply and demand and occupancy rates. Official government statistics point to occupancy levels for five-star tourist apartments on the island at 91.1% for 2008, with some months being as high as 99%. Chadd adds: “Due to the geography and landscape of the island combined with planning laws and local protection, land availability on the island is at a premium. With Azulara occupying one of the most stunning locations on the island, we believe it presents a very rewarding investment opportunity. ”The island has not had the same exposure to the boom and bust cycles that much of the developed world has, and as a result prices have steadily increased over the past 10 years without getting out of hand. With our prices coming in at 20% below market value, Azulara offers fantastic value for money. Out of 112 apartments - 30 have already sold – we also have exclusive access to another 30 units.”
See Also: Madeira, Portugal
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