Mortgage expert predicts madeira property growth

A leading Portuguese mortgage-lending bank has said that Madeira is set to see an increase in demand for holiday homes this year.

The sector is well positioned to bounce back due to the tight supply of holiday homes, according to Jorge Botelho Moniz of Banco Espirito Santo.

Mr Moniz said: "Madeira is still relatively unknown as a holiday home destination. "There are just a few developments targeting the foreign market, but the existing ones offer high quality units in exclusive breathtaking locations and a variety of services included."

Stating that the Portuguese island is a "well-kept secret" currently, Mr Moniz said he expects to see a shift in the situation in the near future as "existing developments achieve maturity in sales and new ones come into the market".

Source: Press Association