‘Dubai Madeira’ project largest private investment ever in Madeira

  • 19 July, 22

The ‘Dubai Madeira’ project, a luxury housing development that will be created in the west of Funchal, represents a private investment of €300 million, the largest ever made in the autonomous region.

According to the promoters of the project, nine luxury residential buildings will be built in the Ajuda area, in the parish of São Martinho, part of a total of around 400 apartments, from T1 to T4 typologies.

The first building should be completed next year and the last two in 2028, said the executive president of Socicorreia, the company responsible for the project, together with the Madeiran group AFA.

The buildings will have a maximum of nine floors and will be “all different from each other”, stressed Custódio Correia, adding that “they will all have commerce at the ground floor level”, as well as parking for all properties.

According to the president of the Order of Economists in Madeira, Paulo Pereira, this is “the largest private investment that has ever been made in Madeira”.

Cre: Portugalnews

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