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Funchal Cannot Remain Reliant on Real Estate Speculation

Today, the United Democratic Coalition (CDU) organised a political initiative based on damage real estate speculation is having on the city of Funchal.  The initiative is primarily based around the building of the “Dubai in Madeira,” in Vale da Ajuda, and the real estate project in Miradouro Vila Guida.

Warming to to the theme, Edgar Silva, CDU candidate for the Mayor of Funchal, said that “the city cannot continue to be built according to speculative interests, and that Funchal cannot continue to be dependent on real estate speculation.”

For the CDU, it is not just about the Dubai in Madeira project or the real estate project in front of the Vila Guida viewpoint, in Louros, Funchal, it is about the decharacterisation and disfigurement of Funchal’s iconic identity.  

According to Edgar Silva, “if anything has dug deeper into the character of Funchal over the last 40 years, it is real estate speculation. Either through the hands of the Social Democratic Party (PSD), or as seen in recent years, through the PS (Socialist Party).  Real estate speculation dominates the city’s interests and therefore real estate speculators now govern Funchal’s interests.”

Furthermore, he said, “Funchal cannot continue to be held hostage by traders, and cannot continue to be seen as a commodity to be used and abused by those who only wish to satiate the appetites of real estate speculators.”

Of course the green concrete block structures, of the Dubai in Madeira released on RTP, look very different from the new artistic impression.

Samantha Gannon

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