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Construction of “Dubai in Madeira” Begins in €250 Million Investment

April 23, 2021 – Ana Custódio

Construction on the mega-development has started, and earth-movers are already on the ground.

The Dubai in Madeira development on Estrada Monumental will cost 250 million euros. It’s the biggest private investment ever in the region, according to RTP. The project is also the first investment in Madeira that unites the two construction companies AFA and Socicorreia, which own Varino Investimentos Imobiliários.

The project is divided into nine lots for housing, retail and services and construction is expected to last six years. A 35,000 square metre plot of land is divided into nine lots, with a building in each. They will be constructed above ground and surrounded by lots of green spaces and public walks for residents and the general public. Each of the buildings will also have a separate garden.

Custódio Correia, Chairman of the Socicorreia Group, told RTP in an interview that “Dubai is one of the countries worldwide that arouses curiosity and we thought of doing something different, something that would arouse the curiosity not only of Madeirans but internationally, to build something that would attract investment.”

Construction will be done in phases, and work has already begun on the first building, called Varino 5. The apartment block will have eight floors, 34 one-to-three bedroom flats and three stores. The complex will also boast pedestrian areas, public gardens, a leisure and sports centre, and a high number of parking spaces.

Dubai in Madeira is intended for wealthy buyers and is especially aimed at attracting an international clientele to Madeira. Hope are that the development will attract new families to the region and boost the local economy.

Translation: Richard D K Turner