In the natural amphitheater of Funchal, facing the Atlantic, the Savoy Residence Monumentalis is under construction, a partnership between AFA Real Estate and the renowned hotel brand Savoy Signature, a new residential project that has just joined the commercialization portfolio of Athena Advisers . Alongside this, the consultant will also sell the last units of the Savoy Residence Insular, completed and ready to live in the center of the Madeiran capital, next to the seafront.
“These two projects by AFA Real Estate bring together all the qualities of the Savoy Residence brand, from the location, the large areas, the high standards of construction and finishes, without forgetting the enormous care taken with the green spaces and respect for the environment”, he says. David-Moura George, managing director of Athena Advisers Portugal.
“I believe that the association of Athena Advisers with marketing will be a great asset, as we can boost sales to the foreign market, where most of our customers are located. The main buyers in the Savoy Residence projects, and also in Madeira, have been the North Americans and the British, who are also the nationalities that buy the most with us. Last year alone they represented, respectively, more than 36% and 21% of sales made by Athena and these two products, along with the lifestyle that the archipelago offers, have everything these customers are looking for”, points out Moura-George.
In a statement sent to the editorial office, Athena Advisers notes that although the Portuguese, including Madeirans, have a long history of buying real estate in Madeira and in the Savoy projects, the majority of buyers, around 78%, turn out to be from International. Among the main markets are the USA, Germany, United Kingdom and Brazil, but also the Scandinavians of Northern Europe, who have a great tradition of shopping in Madeira, attracted by the mild climate that leads them to spend about half of the year on the island. .
Since the Covid-19 pandemic, he says, the profile of visitors to the archipelago has changed, with a boom in digital nomads, a phenomenon that did not occur before that time. They are essentially looking for the mild temperatures of the subtropical climate and contact with nature, “they are often attracted to buying a house, since the way people currently work allows them to move to the island to escape the routine of big cities and find here a healthier lifestyle and a sense of community” , notes with David Moura-George.
Reasons that justify the acquisition of housing in the archipelago is increasingly motivated by the purpose of living or spending time in this destination, to the detriment of the demand for pure investment.
According to the AFA Group, “this concept was intended to develop an exclusive product, of unique quality in the region, capable of competing with the best that is made in the country and internationally. It created an offer differentiated by quality and location, putting the island of Madeira on the radar of investors in luxury real estate, with high purchasing power. Bet won, looking at the results achieved.”
Located next to Estrada Monumental, the city’s main thoroughfare, the Savoy Residence Monumentalis is made up of 147 apartments with a new concept of multifamily housing, designed as if they were houses, where all rooms are suites and the outdoor areas are in many ways cases similar to or significantly larger than interior areas.
With typologies between T1 and T3, mostly, and some T4, the apartments have spacious interior areas – between 105 m² and 350 m² – with spacious balconies that amplify the views over the ocean and the surrounding landscape, private gardens and, in some cases, also exclusive use pools. The penthouses feature terraces and private heated pools. Prices vary between €750,000 and €3,300,000 for the 46 units available.
The Savoy Residence Insular, which was born from the recovery of four buildings in the center of Funchal and the entire surrounding area, is located in the block delimited by Largo do Pelourinho, Rua Visconde de Anadia and Travessa da Malta. The housing complex also offers apartments with typologies between the T1 loft and the T3 triplex with total areas ranging from 111 m² to 440 m² in one of the most emblematic and historic neighborhoods of the city, the Insular neighborhood, in the heart of the city. Prices range from €575,000 to €3,300,000 for available units.