… and “room for growth”
JM headlines today that Local Accommodation (AL) has skyrocketed in Funchal. In the first two months of this year alone, 204 license requests were received by Câmara Municipal do Funchal. Sé is the parish where Local Accommodation has the most pressure and São Martinho has the most offer.
In total, the municipality offers 6,700 AL beds. The Mayor of Funchal, Pedro Calado says there is room for growth.
The timing of this announcement and the Mayor’s comments cannot be a coincidence, with all the debate about housing under the proposed new national “Mais Habitação” programme and the Regional Government’s call for special treatment due to its dependency on tourism.
Hotel sector pay rise
The Diario headlines this Saturday that the hotel sector anticipates a significant wage increase. Approximately six thousand workers will receive an additional €62, regardless of their salary level. An agreement between The Commercial and Industrial Association of Funchal (ACIF) and the Union now covers all professionals in the sector, with the publication of an extension decree.
Via Rapida sees 33,000 cars per day
Madeira Regional Directorate of Statistics reports that the VR1 last year saw an increase in traffic of more than 13% compared to the previous year. On expressways, the increase was greater than 15%. In peak hours, the afternoon period, between 5 and 6 pm, was the most intense, with around 77,000 vehicles per month.
Prices have also skyrocketed in Madeira.
No doubt AL is pushing prices up. But the bubble will burst quickly and leave all the investors fighting each other at the bottom of the price curve. There will be casualties.
The 62 Euros increase in wages within the hotel industry is per what period, week, month ?
Noone, Absolutely correct now is the time to sell, not buy
To anyone who is thinking of taking Mick’s advice and selling their AL property. I remind them of his recent comment on the Covid booster.
” it’s not a vaccine it’s a death shot 💉👺💉👹💉”