Real estate company REMAX revealed today, that in the first two months of the year, it carried out a total of 242 transactions in Madeira and the Azores; of these, 91 took place in Madeira and 151 in the Azores, an increase of around 10% compared to the same period in 2023.
“The volume of prices negotiated was over 23 million euros (M€), 13.4 million euros in the Azores and 9.6 million euros in Madeira, which corresponds to an increase of around 18%, especially in Madeira (where it reached 28%). Among foreign clients, it is the North Americans who invest the most in the two autonomous regions, after the Portuguese, who, as is the case on the mainland, are the main investors in the islands,” the company said.
According to data provided by REMAX, national customers are at the top of transactions (87.4% in the Azores and 70.3% in Madeira). Foreigners have a greater weight in Madeira, which, in the opinion of the real estate company, “has a more internationalised market than the Azores.”
The USA (6.6%), Venezuela (2.2%), Russia (2.2%), and New Zealand are the origins of foreign buyers in January and February in Madeira. The chain said it had transacted real estate in the two regions with the participation of 15 different foreign nationalities.
Among foreign investors, in the Azores, the Americans were the ones who most traded in real estate with the REMAX network from the 1st of January until the 29th of February, with transactions representing 7.3%, followed by the French, Polish, and Canadians (1.3% each).
As for the type of real estate, between January and February, in the two regions as a whole, villas accounted for half of the transactions (50%) of the RE/MAX network and apartments a share of 25%. Land, on the other hand, assumes special importance in the market, representing 15% of the total.
The real estate company said that, in this period, the housing segment corresponds to about 75% of the market in the two archipelagos and points out “a drop in the sale of apartments, which was around 5%, but filled by increases in the sales of houses and shops.”
With regard to typologies, T2’s are the most sought after, especially in Madeira, where more than half of the apartment transactions were T2, (in the Azores it represented about 42%). As for houses, T3’s are a favourite in Madeira, while T2’s remain the most popular in the Azores.
“The archipelagos of the Azores and Madeira have exceptional conditions for investment, which in itself stimulates the development of the real estate market. From the safety for those who visit it, to the quality of life it offers, to the attractive tax benefits and a developed service infrastructure, all are good reasons to invest in the Islands. On the other hand, it is known that the tourism sector has an important weight in economic activity and as its growth is anticipated this year, good news is expected for both regions,” says Manuel Alvarez, president of REMAX Portugal.
Samantha Gannon
info at madeira-weekly.com
