Dubai in Madeira Focuses on Housing

9 June 2020 Socicorreia and AFA, two Portuguese developers, announced that they have dropped plans for a hotel in their new mega-project in Funchal. The Varino development, also known as Dubai in Madeira, will now consist of housing and commerce, including a total of 420 flats.

Work on the site, located in Estrada Monumental, near the Forum Madeira shopping centre and north of Praia Formosa, is set to begin later this year. The developers plan to invest roughly €200,000 in the 35,000-m2 plot of land, 60% of which will remain the green spaces, with a construction area of 65,000 m2 above ground.

The Varino Development will have approximately 420 one-to-four apartments. Prices are forecast to run between 2,500 to 3,000 euros per square meter and overseas buyers expected to absorb more than half of the flats.

Original Story: Jornal de Negócios – Rui Neves

Photo: Hélder Santos

Translation/Summary: Richard D. Turner