Current Property Market

edited December 1969 in General
Could someone please give me an idea on the Property Market in Madeira. We have had a property on the market (absolute seafront in Pol doMar) for the last 2 years . We have had a few inquirys, but thats about it.
As we live in Australia, we have it in the hands of a real estate agent (Nobrega). Any hints or suggestions would be apreciated.
Regards

Comments

  • Unfortunately in the current financial climate nobody has any money to spend and Madeira in particular is being hit very hard because it relies so much on tourism. Everywhere you look there are half built and empty properties for sale & nobody can afford to lower their prices so they just sit there.
  • hi jandj,

    the property market has suffered from the financial crisis.
    At the moment there is a smaller market because nobody wants to sell at lower prices.

    In my opinion the price level on Madeira is beyond normal rates. Mostly speculative . . .

    Regards
    Anton
  • Because of all the problems in the EUROZONE, people are afraid to invest.
  • Hi,

    the only problem in the EURO zone is investing with money you do not have ;)

    There is no problem with money you own.

    Regards
    Anton
  • Hi JandJ.
    A couple of observations. Firstly there is only 1 property I can find on Norbregas website for Paul do Mar.
    If this is yours, then it looks very nice inside. Problem is if its absolutely on the sea front, where are the sea views?
    Paul do Mar is a little off the beaten track, and in places is rather run down, although the church is lovely. So maybe not everyone's cup of tea.
    The price looks reasonable for a sea front property, but things are very quiet on the property market, and not much is selling.
    That said if a property is cheap enough it will sell. Thing is you don't want to give it away, so you will have to be patient.
    In the UK the pound is strengthening against the euro, so in the longer term that may help. Good luck in any case.
  • Hi Jandj
    I agree with Madmicks comments and common sense. As the whole of the euro zone is suffering, if you wish to sell then probably the only way is reducing the price. Most of Europe has seen prices rising in recent years and because of this the prices were inflated. We sold last year, an apartment in Spain with beautiful sea views and heartbreakingly sold for considerably less that we paid in 2002. We just thought when does the next offer come along!

    I think its all a matter of how long you are prepared to wait. I have looked on Nobregas site and did think most prices were high.

    we are hoping to buy in madeira within 2 years but would expect to get a good deal as there is so much for sale.
  • hi Madmick
    Our property is on Nobregas website under exclusive listings, unfortuntely no photos are on the listing.
    It has a bar licence and 2 story's above. We have 99 thousand euros on it (we paid 120), does that seem reasonable in the current market?. Property is slow here in Australia as well, but most sell within 4/5 months.
    Thank you
  • hi : can anybody help me find someone to instal central heating in my house in Boa-Noa

    Thanks
  • Will you get a good boiler here to use the central heating????
  • polar, if you google "aquecimento central Ilha da Madeira" you will get some firms.
  • yes i will get a boiler to adapt to bottle gas
  • many thanks
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