Madeira’s government wants to attract high-income residents from the East

  • Lusa e ECO News
  • 2 August 2022

"Our major goal is to continue to bring foreign residents of high income to Madeira," says Miguel Albuquerque, the president of the regional government.

Madeira’s government wants to capture “high income foreign residents” from the East to buy a house in the archipelago, said on Monday the president of the regional government, stressing that the real estate sector is in “frank growth”.

“Our major goal is to continue to bring foreign residents of high income to Madeira, this means a multiplier effect on employment, means that Madeira will increasingly become a cosmopolitan region, more open to the world, with residents with purchasing power that will move the entire economy and all sectors and parishes,” said Miguel Albuquerque.

The president of the Regional government was speaking at the inauguration of PrediClub’s new facilities, in Funchal. “We want to try the market in the East, which is a market with great potential and great buying power,” said Miguel Albuquerque, without specifying specific countries and without indicating what strategy will be developed.

Miguel Albuquerque stressed that, despite the focus on high-income foreign residents, the regional government will not neglect “fundamental investments” in housing to ensure access for Madeiran families and young couples to “quality homes” at “decent prices.”

The president highlighted, in this context, the housing programme at controlled costs and the incentives for the reactivation of housing cooperatives. “There is no incompatibility between real estate, attracting foreign residents and what is needed for families in Madeira,” he said.