Non-resident market grows 25% in 2017
The Diario reports that the acquisition of real estate by non-residents in the Madeira archipelago increased by 25% in 2017. The slightly old data revealed that 476 buildings were sold over the year, with a value of €60 million, according to regional statistics director Paulo Vieira yesterday.
“This shows that it is a growing segment,” he said, noting that in terms of the value of the real estate the increase was 55% over 2016. The data was released during the Second Colloquium of Regional Statistics, held in Funchal, attended by representatives of the two national statistical authorities – National Statistics Institute and Banco de Portugal – as well as the Azores, the Canary Islands and the European Commission.
These figures seem a little strange, as they give an average property value of €125,000, which will hardly buy a one-bed apartment in Funchal?