In the Azores, sales were 13.4 million euros and in Madeira 9.6 million euros, RE/MAX highlighted.
RE/MAX sales in the Autonomous Regions of Madeira and the Azores rose 18%, to 23 million euros, until February.
In the Azores, sales reached 13.4 million euros and in Madeira 9.6 million euros, which corresponded to an increase of 28%, highlighted the real estate agency.
Transactions carried out by RE/MAX in the two Autonomous Regions rose 10%, up to February, compared to the previous year, to 242. In the Azores, 151 transactions were carried out and in Madeira 91.
North American customers were those who invested the most in both regions, RE/MAX said, in terms of foreign markets. Overall, the main customers in Madeira and the Azores were Portuguese.
By February, 15 foreign nationalities had already been involved in RE/MAX transactions, with the foreign market having a greater weight in Madeira compared to the Azores.
In the Azores, and taking into account foreign investors, the leadership was the United States, which represented 7.3% of transactions carried out in the region, followed by France, Poland and Canada with 1.3% each.
In Madeira, the United States led the way with 6.6% of transactions carried out in the region, followed by Venezuela, Russia and New Zealand with 2.2%, according to the real estate agency.
Until February, houses represented 50% of RE/MAX transactions in the Azores and Madeira and apartments reached a share of 25%, while land accounted for 15% of total transactions carried out in these two regions.
“The housing segment accounts for around 75% of the market in the two archipelagos. This year has seen a drop in apartment sales, which was around 5%, but was offset by increases in sales of houses and shops. Regarding typologies, T2s were the ones that gathered the most preference, especially in Madeira, where they accounted for more than half of apartment transactions (in the Azores it represented around 42%). As for houses, in Madeira, T3 continued to be favored, a type that declined in the Azores, losing customer preference for T2s”, said RE/MAX in relation to transactions carried out until February.
The president of RE/MAX Portugal, Manuel Alvarez, highlighted that the Azores and Madeira archipelagos present “exceptional conditions” for investment, which in themselves “stimulate the development” of the real estate market.
“From security for those who visit, to the quality of life it offers, including attractive tax benefits and a developed service infrastructure, these are all good reasons to invest in the Islands. On the other hand, it is known that the tourism sector has an important weight in economic activity and as its growth is anticipated this year, good news is consequently expected for both regions”, added the president of the real estate agency in Portugal.
