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Invest in Portugal's island retreat

21st May 2008 | back to article listings BACK    print this article PRINT

Those who are looking to buy property in the sun are discovering that there is more to Portugal than the Algarve, including a subtropical island that boasts temperatures ranging from 16 to 22 degrees C.

Madeira - located around 350 miles off the North African coast - is part of Portugal and the European Union, which makes it an ideal option for British property investors. It is made up of Madeira Island - the principal land mass that contains the capital, Funchal - as well as Porto Santo Island, the Desertas Islands and the Savage Islands.

Although beach culture is not the main attraction here, outdoorsy folks will find they have plenty of activities to occupy their time, with saltwater swimming pools, forests, fishing, outdoor spas and opportunities to follow the winding footpaths along the islands' irrigation channels (levadas).

According to a report in the Times, Madeira offers investors a choice of reasonably-priced options. It quotes prices hovering around £110,000 for a two-bedroom cottage, while more contemporary apartments typically go for £130,000.

Meanwhile, luxury development Palheiro Village - which is currently under construction near Funchal to be finished later this year - has been suggested as a great investment choice for those who want to take advantage of the booming golf tourism industry. The development will include 85 apartments and villas, an 18-hole golf course, swimming pools, a bar, a sun deck and a meeting room.

Roger Still, who has worked on various Portuguese developments, told the Times that despite new buildings cropping up in Madeira, there are still plenty of deals available for those who act fast.

"These prices are at least 30 per cent below the Algarve. Since we started selling the homes off-plan we have seen prices appreciate by at least ten per cent per annum," he remarked.

Still, the article pointed out that since 70 per cent of Madeira is protected national park land, it is highly unlikely that it will be blighted by overdevelopment. Instead, investors are hoping that it will maintain its balance of untouched beauty and holiday haven.

At a 90-minute flight distance from Lisbon and three hours from the UK, the archipelago is also close enough to give investors the option of using their property as a holiday home as well.

According to resident Jonathan Fletcher, formerly of Surrey, families can thrive in Madeira. He told the Times: "Funchal has all the amenities of a modern city ... yet it is a very safe environment for the children."

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