Israeli developer Yard Properties is preparing to invest seven million euros in Funchal through the creation of a second property project.
According to Jornal Económico, ‘Ferreiros Residences’ is Yard Properties’ latest bet, with 14 one and two-bedroom apartments, construction areas between 70.90m² and 85.90 m² for T1 and 118.30m² and 208.85m² for T2. Prices start at 350 thousand euros. Although the flats aren’t due to be officially marketed until the 15th of January, six apartments have already been reserved.
In Portugal, Yard Properties has already completed ‘Outubro 355’, in Entrecampos, Lisbon, in an investment of more than 13 million euros, with ‘Ferreiros Residences’ being the second project in Portugal. The new development is backed by the BPI bank.
“The steady growth in the value of real estate in Madeira and its attraction as a lifestyle destination has attracted the attention of local and international investors. And despite the broader economic fluctuations, the demand for prime residential spaces in Funchal remains robust,” says David Rabi, CEO of Yard Properties, in the news published by Jornal Económico.
Moreover, “Madeira has long been a highly sought-after destination for British and Western European buyers and, in recent years, we have seen a new wave of interest from US investors, which is invigorating.” United Airlines’ recent announcement of its direct flights from Newark to Cristiano Ronaldo Airport in Funchal is an important milestone, and we believe that, for Madeira, the best is yet to come.”
Samantha Gannon
info at madeira-weekly.com
