Madeira will not stop foreigners buying a house

President believes the property market is “normal”

Funchal, where the price of a house is rising

JM reports that Regional President Miguel Albuquerque yesterday rejected the idea of ​​preventing foreigners from buying a house in Madeira. Miguel Albuquerque declared himself against the impediment of the purchase of a house by foreigners, as Canada announced it wants to do and as the Balearic Islands, in Spain, also want to do.

“I think that at the moment real estate in Madeira is going very well. We closed 2022 with more than €640 million in transactions. We are a cosmopolitan region and we obviously have to have a set of policies, as we have, to ensure that families have access to housing in all municipalities at affordable prices”, justified Miguel Albuquerque, citing, for the case, ” the affordable income program” which is being developed “in all municipalities” in the Region.

The rental support program aims to “prevent prices from rising and young couples not having the possibility of accessing housing at decent prices”, in the minister’s view.

However, Miguel Albuquerque did not say that it is “totally out of the question” that foreigners cannot buy a house but justifies that the Madeiran market is not “ultra-congested”, as it can be in other cities outside the island.

Miguel Albuquerque also said that the rise in housing prices in Madeira is “normal”.

“It would have been unthinkable a few years ago to sell houses for the price they are selling in Calheta, or Ribeira, or Ponta do Sol, but I think this is very good. This fixation of foreign residents has very dynamic effects on the local economy, in fact, as you can see by going to these municipalities”
Miguel Albuquerque

COVID-19 in Madeira: updates can be found in an earlier post

Madeira will not stop foreigners buying a house 1

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3 thoughts on “Madeira will not stop foreigners buying a house”

  1. Define normal please!
    You want things to go pear shaped then get government interference in it, biggest action begets reaction is likely outcome,

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