Profile: MadeiraIrish property buyers will get first choice when newly-built holiday homes are marketed here next week, writes Jack Fagan
The Portuguese island of Madeira is on a roll. Once the preserve of the blue rinse brigade, the "floating garden of the Atlantic" is successfully reinventing itself and attracting younger visitors, many of them Irish.
For the first time in many years, families seeking newly built holiday homes and investors looking for a good return on their money are to be given an opportunity to buy either villas or apartments in a small, exclusive development overlooking the bay and the capital, Funchal.
With Ireland's well established reputation for buying abroad it is perhaps not surprising that the first marketing campaign for the 75 homes in Palheiro Village is to be held in Dublin on November 4th and 5th.
Dublin-based Gabrielle O'Malley of Splash International Properties will host an exhibition at the Westbury Hotel off Grafton Street where she will take bookings for the first phase of the scheme.
One-bedroom apartments will have a floor area of 98sq m (1,055sq ft) and will sell from €256,000. Two-bedroom apartments will have 135sq m (1,453sq ft) and cost from €349,000.
For those looking for even more space there will be a selection of three and four-bedroom villas ranging in size from 160-335sq m (1,720-3,605sq ft) apart altogether from open terraces overlooking the coastline and storage space.
Prices for these detached homes will run from €580,000 to €710,000. Well-heeled buyers looking for something special will also have the option of buying individual sites on the island's most famous estate for prices from around €700,000 to over €1 million.
The first of the new homes will be ready to move into next spring but a marketing suite on the site gives a good indication of the high-spec fit-out that can be expected.
Homes will have attractive stone floors, air conditioning, under-floor heating, a log-burning stove and a fully fitted kitchen with electrical appliances and granite worktops. The fit-out will be a lot better than in most of Dublin's expensive new developments.
Another feature likely to impress will be the landscaped gardens featuring sub-tropical plants and trees for which Madeira is famous.
There are any number of reasons why Palheiro Village should sell strongly in Ireland. The attractive homes have a superb hillside location, high above the ocean with views over the bay where huge passenger liners dock for a few hours to allow tourists roam through the ancient city.
Palheiro Village is being developed on the privately owned Blandy country estate in Madeira, where there is already a five-star country house hotel with world famous gardens and an 18-hole golf course. Residents will also have the use of a spa with swimming pool, gymnasium and healthcare services.
For investors there are equally good reasons for throwing the slide rule over this development.
New schemes like this one are few and far between in Madeira where about 70 per cent of the island is preserved - in other words, out of bounds to builders.
The scarcity factor will undoubtedly grab the attention of investors. With year-round warmth provided by a combination of north African sun and the Gulf Stream, Madeira has a permanently mild climate.
This means that it attracts tourists all year round, making it relatively easy to rent out good quality homes even in the winter months.
The company promoting Palheiro Village estimates that homes let for even 10 weeks a year should cover fixed costs. A separate company will look after maintenance and lettings.
Apart altogether from the seeming good potential from an investment here, it is a safe bet that investors will want to sample the peace and tranquillity of Madeira for at least a week or two in the winter.
It's a lush land of natural beauty with wild magnificent mountain scenery, sheer cliffs - including the second highest sea cliffs in the world - green valleys, vineyards, banana plantations and beautiful gardens.
The new homes are being built by the Blandy family who have owned the 260-acre Palheiro Estate since 1804. The original family home has been converted into a country house hotel which is used mainly by visiting golfers.
The family is heavily involved in the production of the island's famous sweet Madeira wine - a cross between sherry and port - not to mention the hotel industry in Funchal. It recently sold the renowned hotel Reids to the Orient-Express.
There are daily three-and-a-half hour flights to and from London and, according to local tourist interests, at least one low-cost airline is considering a direct service between Dublin and Funchal.
