Increasing tourism helps buying property in Madeira

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Located 600 miles south west of Portugal’s capital Lisbon,
the island of Madeira is becoming increasingly popular with British property
buyers.  As well as reasonably priced property,
tourism on the island has increased over the last couple of years.  This makes a home on the island the perfect
investment to generate income as a holiday rental.  Keep reading to learn more about property on
this beautiful island.

Steep increase in
tourists offer great rental potential

Figures published in the Financial
Times showed that tourism to Madeira rose by 8.6 per cent in the year to
November 2011.  And, while you might
expect the summer months to be busy, there are other times of the year which
are popular with holidaymakers.

Madeira holds an annual Flower Festival at the end of April
every year, but the FT reports that ‘the
most popular rental periods, where the highest prices can be achieved, are over
Easter, Christmas and New Year.’

Anne Marchington, a Portuguese property expert, says:
“People book way ahead for these periods. New Year’s fireworks, which are quite
spectacular, are peak season. The rental market is really taking off.”

Old fashioned
character popular with property buyers

Half of Madeira’s 260,000 population live in the capital
Funchal and this is a location that is popular with overseas buyers.  Foreign investors also favour Garajau which
is a residential area near Caniço and where some of the best diving can be
found.

Nick Marr, director of leading overseas property website
Homes Go Fast, said: “As well as being the perfect place for a second home, the
increasing numbers of people holidaying in Madeira offer great potential for
generating an income through renting your overseas property.

“Madeira offers stunning golf facilities, excellent beaches
and retains an old-fashioned character. 
And, with lower property prices than other popular European
destinations, it’s possible to pick up a lovely apartment or house without breaking
the bank.”