Madeira 2023 | Buying, Renting, Airbnb - It’s all gone crazy!!
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- Опубліковано 2 чер 2024
- Property in Madeira 2023 ~ Buying, Renting, Airbnb, it’s all gone crazy!
If you are thinking of moving to Madeira in 2023, you may like us, feel like you need some help. John Mather has helped us personally with tax and residency. Contact him at info@emigre.eu or www.emigre.eu/ if you think he might be helpful for you.
What's the property market like in Madeira right now? If you're wondering it cost to buy or rent property, particularly in Funchal, then watch this video. We talk about proposed changes to Airbnb, to how easy or hard it is to find a rental, and we talk Brexit. So whether you plan to retire to Madeira or just purchase a Portuguese property, you'll find this very useful.
John is friendly and easy to talk to. If you want to chat with him, we'll leave his details below:
John Mather
info@emigre.eu
www.emigre.eu/
+351 291 224 276
00:00 Intro
00:55 Emigre.eu
01:40 Savoy Residence Monumentalis - Prices
04:25 Funchal Price Increases
04:50 Why Have Prices Risen?
05:00 Short Term Lets More Popular
06:00 Golden Visas
07:30 Digital Nomads
10:20 Brexit
12:00 Availability of Property
15:15 Example Prices - Estate Agent Window
16:10 Rental Prices Increase
17:15 Changes to AirBnB - AL Licenses
22:10 The Dubai Development
25:35 Pestana Residences
26:00 The Angel of Assicom Square
27:10 Walk Down to Praia Formosa
29:00 Travel after Brexit - 90 Day EU Visa
32:00 How to Visit Madeira and Why!
Watch some of our other Madeira, Portugal walks, and see for yourself what life in the capital city of Madeira Island is like. If you visit Madeira, you can't miss Funchal with its beautiful cafes, bars and tiled walkways. Full of charm and history - it's the highlight of Madeira.
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Just starting to watch the video and wanted to say "yay for tiny houses!!". Ok, now back to watching the rest :)
Oooohhh yes Salma, we too love a tiny house! Good to connect with you and hope you enjoy the rest.
Do drop by and tell us your experiences and any helpful tips or recommendations, we'd enjoy hearing from you.
Seems that things are changing by the moment!
Interesting to see the different area's around the lido and how it's affecting the area. I like it that you've given your honest and candid viewpoint.
Afternoon MA, ah well we do feel it's something that needs talking about, so I'm happy you found it an insight.
An interesting narrated walk Mike, I've been curious to know more about what's going on price wise, so thank you.
Hi there BIAF, well things do seem to be stabilising a little and dropping a little here and there, so that's got to be a good sign.
You are my favorite channel, informative and on point. Thank you!
Hello there our walking Romanian friend, how nice to hear your enjoying the channel, we too enjoy yours. All the best to you.
@@LivingWalks thank you my friend! Have a nice day!
@@romanianwalker you too!
My experience: I'm a 40 year old native Maderian, lived in many places across the years, starting in Piornais area near Lido. Back in the 80's that whole area near Forum Madeira shopping centre / Ajuda was mainly banana plantations.
Then my parents moved from place to place from Camara de Lobos then Ponta do Sol. Until my parents built their house in Ribeira Brava early 2000's.
I'm actually a bank clerk since 08' and deal with clients for bank loans and pretty much the last 15 years has been a rollercoaster. The 2010 crisis made the housing market plunge, a T2 apartment could be bought for 120k and now is 3x or 4x more.
I for instance bought a fixer upper house back in 2017 that I'm still working on it but I paid only 87k in Ponta do Sol. Despite having some upgrades to do, every other week, I get foreign couples from mostly European countries looking for properties. I had some really tempting offers for my own house but with the shocking current prices off apartments I have to be careful. Family with a 11 year daughter and 3 dogs. I've already lived "caged up" in a tiny apartment and for now it's a big No.
Hi Vic - as a native Maderian, I really appreciate having your perspective on the property market on the Island. I bet you're so glad you bought your Ponta do Sol house when you did!
@@LivingWalks absolutely. Since COVID-19 and the war (Russia-Ukraine) the housing market went berserk. I've noticed many northern Europeans looking for properties. Danish, Finnish, German etc. Mostly elderly couples looking for warmer calm peaceful places to live.
One important thing to mention is the overall improvement of the airport and roads. Between 1989 and 2005 the via-rápida or "Express Way" was finished and the extension of the Airport in 2000 due to European funding.
Just to give you an example the VR1 road concluded in 03' made my Funchal - Ponta do Sol commute shortened to 20-25 minutes. Before took about 2.5 to 3 hours. Now it's literally possible to go anywhere south to north, east to west quite fast. I know this because my late grandmother lived in Ponta do Sol and back in 1989 me and my parents lived in Funchal. Back then a road trip felt like ages.
Back in September 2000 ( I was 17 years old) I've actually witnessed the first Boieng 747 landing in Madeira Island Airport after the runway extension with +180 pillars. Almost 2.800 meters of overall landing improvement made a huge difference.
I got interested in madeira for the weather (I'm from a cold-ish, mostly overcast western European nation), I'd say just before or early in the hype curve. It looked quite ok then, but suddenly there was a massive uptick in activity and the island popped up just about everywhere. At this point it looks, feels and smells like a bubble... Salaries definitely don't sustain such prices and whether Madeira has enough to offer to be the European Hawaii (a rich people destination) remains to be seen.
Apparently people are flush with cash though... Mind you, the strong birth years start going into mass retirement just about now so that might be it - they all cash in their pension benefits supposedly. But looking at longer term demographic projections, I'm not too optimistic for the longer term (price stability). Personally, for these prices it isn't worth it even though I have the funds. But cost/performance ratio isn't right whatsoever, I don't want an expensive stranded "asset" on an island far away that relies on one major airline for connectivity to the mainland...
@@mysterioanonymous3206 its a buble, but when it pops it wont go much lower, pressure and number of ppl coming from outside is really big, and the selling is done outside of the local economy, builders build for outsiders who pay up front, so i dont see banks or builders in any stress, and demand keeps going up.
Thanks Yvonne & Mike, that was lovely & so were your insights Mike 🙂
You walked right past the apartment (above Bacchus Bar) where I stayed last April on Caminho do Amparo, at the side of those Dubai ones being built.
There was a stray dog living on the Estrada Monumental side of the Dubai complex in the overgrown vegetation & there was a woman regularly feeding it. I hope it's found a home as it looked as if construction had begun there when you walked past.
Just to let you know I've not forgotten what you previously mentioned to me & a reminder I'll be in Madeira from 16th April staying in Porto Moniz first, then staying in Lido from 23rd & leaving the island on the morning of 30th April, in case you're around & you're not too busy with your move.
By the way I drank the remainder of my last bit of Madeira wine watching this! 😭
Hope you enjoyed my final vlog from Bangladesh & I've moved onto the next location!
Have a truly beautiful week my friends 🤗
Hi Rue. That's a nice area to stay - I really like the cafes along there. We'll definitely let you know when we're returning to Madeira - we don't have a move date yet, but we'll keep you posted. We saw your videos in Marseille - we've never been there, so you've whet our appetite! And if anyone hasn't sampled your channel, we encourage them to check it out here: www.youtube.com/@RuePhoto
@@LivingWalks Thank you most kindly sir & madam! 😁
@@RuePhoto you're welcome good sir.
John, Brilliant video again. Nice to be out and about from the main tourist areas. We stayed at the Madeira Regency Palace before its demise and now that area has totally changed in 20 years.
Hi there Alex, Glad you enjoyed it mate. Ah yes the area around that area is unrecognisable isn't it, hope it hasn't put you off visiting? thanks for dropping by - Mike
It's so hard to find anything affordable to buy. I just put an offer in for a tiny T1. It's so strange. There is very little available, you are correct. I don't think the prices will go down this year because the demand is so high. There are a lot more properties on the market in the Algarve.
Hi there Oceandweller, good to hear from you, good luck with your tiny T1, hopefully you'll be out in the lovely Madeiran air and won't need too much space. As you say there's so little about, best of luck with the offer!
@@LivingWalks I changed my mind. I think I will wait before purchasing. There are more options with rentals.
@@skygblue6250 I bought a lovely T1 in Canico. Much better prices there with very close proximity to Funchal.
@@skygblue6250 90 Sq meters and I did some renovation. All under 200,000 euros.
Great walking tour as usual. As the price goes, I won’t be surprised if soon we see pre fabricated houses in Madeira in order to be more affordable.
Hello there Rui, well quite so, you can see it may come to that. Let's hope they are at least levelling out. Thanks for dropping by, glad you enjoyed the walk.
Great Video às Always. Thanks for sharing
Good to stay in touch with you friends, a pleasure to hear from you. Hope you're well?
Hi Mike 👋 !! Thanks for this great walk and talk, a delightful tour👍 !! So interesting to see these ‘high end’ developments in beautiful Funchal 🌊☀️💰🏢 👀 ! Good to learn from your research, up to date political shifts, implications and information ℹ️ ✅ ! We found our 9 day stay in Las Palmas City on GC. most interesting; more of a ‘work a day’ town; but with many great highlights 🏖️🏰💃🏽 🏬🚘 🌊🌊🥗☕️🌴✈️ (videos coming out soon 😊). Cheers, Don 🙋♂️ !
Hi Don, thank you as always. I'm glad you liked Las Palmas - we really like the Old Town around Casa de Colón. BTW, we really liked your filming of Puerto de Mogán (do check it out here folks: ua-cam.com/video/yAXZAi-GDsE/v-deo.html&ab_channel=DonRoy)
Cheers!✈🛳🏦
Hi Mike - Thanks for your thoughts on this subject. We're in a 12-month rental now and it will definitely be interesting to see what happens in the property market here, particularly later in the year when we start looking for another place to rent. Cheers!
Hey John, nice to hear from you. Well, hopefully the drought of property will begin to ease before then. I suppose it's best not to leave it too late before looking around for your next place to rent. Take care!
So interesting!
Good AW, Thanks for watching, I'm pleased you enjoyed it.
So if the Golden Visa ends in March, what will happen to prices? Nobody is going to be investing in 500k property, leaving a glut of expensive property that is too expensive for locals to buy.
Hi Peter, you may be more in the know that us regarding the update on the golden visa in Madeira, we'll be looking into the latest, as you say, it'll have a big impact in many ways.
Golde visa is only a small part of the sales (more 500K)
Golden Visa purchases, especially on Madeira, just don't have the volume to dramatically alter prices. I think there will be a small decrease in buyer competition but I wouldn't expect prices to come down because of it.
top brother!
Thanks Eduardo! Good to hear from you.
4:01 Yeah, that's a view before a new development rises in front of it like Savoy Palace type of colosseum.
Quite so FullFinnoy!
Very informative walk and talk Mike. I did read something about Portugal limiting foreign investment in some places because of the effect it has on property values. It's a difficult one in a free market society. I wouldn't like to be someone who has a part in making these decisions as striking the right balance between affordable housing for locals whilst encouraging foreign investment/tourism is extremely difficult. Price increases for just about everything have risen exponentially over the last few years. In 2019 I paid around £30 per night for an Airbnb and for the same apartment at the same time is £80 and that's with a long stay discount.
You're right Paul, there's a balance to be made and I'm sure it's not an easy one.
Hello sir thanks for showing us beautiful vudeo stay blessed. ❤
How nice to hear that you enjoyed it. Thanks for dropping by.
Madeira needs to stop the housing inflation, I’ll only get worse. This is from a Vancouver 🇨🇦 perspective. Vancouver encouraged Hong Kong immigrants and they came and drove the prices sky high. Currently a bedroom rents for €1350 a month (shared kitchen and bathroom). Hawaii also has failed to curb house inflation and the Hawaiians are leaving in droves because they can’t afford a roof over their heads. A bedroom in Hawaii rents for 2,000 USD a month. My Vancouver apartment (studio) was rented for $1,000 CAD, it now rents for 2,000 CAD, that’s in the span of 5 years.
We do quite understand your salient points M K, it's all quite unstainable. We certainly attempted to give an impartial view. Thanks for taking the time to share your insights, I do appreciate it.
I’ve noticed the prices in Madeira has gone up a lot recently. Seen properties which were about 180,000 are now 280,00
Quite so Dom, let's hope it levels out soon.
Another great video and discussion! It will be interesting to see if changes are made that encourage more long-term rentals. I'm moving to Madeira this fall. I was going to buy, but am leasing instead to see how the market develops over the next few years and also to allow me to really get to know other areas of the island I may want to consider. Sao Martinho was already off my list due to the amount of construction and touristic activity.
Hi Chris, thanks for your kind words. Yes, I think so much will depend on the AL legislation (if it happens,) and if Madeira follows the mainland in changing the Golden Visa policy (which the EU seem to want to change.) I think you're making the right call - there's so many other less appreciated parts of the island. And if this is going to be your home, why not take your time in deciding where to settle...
Thx for the tips! Do you know anything about Flores? I heard they grow pesticide free flowers. 💐🌏
Hi Denise, we've not yet been toFlores and hadn't heard that but we'd love to go next trip, so watch this space!
Any chance you could do a property walk in the UK? :)
Hi LY&M, we do fancy doing one in the richest street in London, could be interesting, so watch this space.
Looks nice, Remoaner
Thanks for dropping by, hope you found it helpful. All the best.
The prices have gone mad
Yes indeed, it's all quite a worry isn't it.
Madera is totally a huge retirement house. It's not for young and modern people who need constant movement, staying on trends, and developing business in a rapidly changing environment. 90% of people there is a retirees.
Hi there Text Writer, ah the tide is turning and a new younger wave are arriving for sure, mostly for the wonderful hiking and nature and encouraged by the superfast wifi!
@@LivingWalks The nature, weather, food, and people are unique and amazing. However, PT still remains one of the poorest countries in the EU, with extremely (artificially) overpriced real estate prices and one of the highest tax rates in the world, and the lowest average income. I'd say it is an ideal place for rich retirees.
Yeah I lived in Azores for a few months and it was so boring.
If you're 50+ or are a family with small kids its a perfect spot.
If you are a young single man or women it's terrible. There is no buzz at all about the place, all the youth leaves the island to get out in the world and make something of themselves and mingle with other people under 40.
of course its like that, tell me a small island that is exciting? even big islands in uk are boring and most ppl living there are old.
@@jesselivermore2291 Who said the UK is a good place to live in? When we (Ukrainians) deoccupy Crimea - welcome to one of the best peninsulas in the World!
I like to us a multitude of pseudopodia, so thanks for the welcome!
All are welcome here pseudopodic friend.
Great, informative video, Mike. Hope one of these days you cover the Azores too, particularly Sao Miguel.
Hi there sugreev2001, very happy to bring it to you and hopefully one day we'll surprise you with an Azores vlog, we'd certainly love to go. All the best mate.
17:35
Quite so Christian.
@@LivingWalks
👍.
These isands would be great if it wasn't just full of old people
Ha ha tubbyrainbow111, I'd say that applies to the Centre of Funchal but get out and about and there's mostly young hikers and digital nomads etc, on balance we've found it pretty mixed. Thanks for dropping by and all the best to you.
@@LivingWalks Thanks for making the videos! I should say there is absolutely nothing wrong with being old either but it's just not what you want to be surrounded by when you're starting out in life looking for a wife, business oppurtinities, to grow etc.
I will probably end up on Azores or Madeira when I get a wife and kids or retire though.
Quite so @@tubbyrainbow111, you might be interested in Ponta do sol, there's a great digital nomad community there. In the meantime, enjoy your life and youth eh?
Looks like another bubble in the making.
Quite so!