A new luxury housing project will be developed in Western Funchal: "Dubai Madeira", representing a 300 million euro private investment. Madeira’s Order of Economists’ president, Paulo Pereira, quoted by Eco, said that this is «the largest private investment ever made in Madeira».
Nine housing buildings will be constructed, corresponding to a total of about 400 1 to 4 bedroom apartments in the parish of São Martinho, within the Ajuda area. According to the CEO of the company in charge of the project: Socicorreia, the first building is expected to be completed as early as 2023 and the last two in 2028. He added that the buildings will «all be different from each other» and will all have retail areas on the ground floor.
The project, which could represent up to 108.5 million euro in terms of taxes, in addition to the Funchal City Council raising 18.5 million euros in IMT (Municipal Housing Tax) without adding resales, can also represent 79.19 million euros of increased wealth for the region. Funchal’s City Council will receive 87.97 million euro in taxes.