PROPERTY MANAGMENT TIPS IN MADEIRA THAT COULD SAVE YOU THOUSANDS

If you are one of the over 800 property owners in Madeira who manage your own property or work with a property management company in Madeira and advertise your property for rent on the net to tourists without a licence, then this is for you!

House prices in Madeira on average are the same or lower than 12 years ago.  Many market factors influence this reality however, essentially supply of property for sale far exceeds demand for property to buy in Madeira.

These properties advertised on the net without a license are quintas, villas, luxury villas, houses, cottages and apartments and represent in tourist terms over 4000 beds – the equivalent of 12-15% of all of the tourism industry in Madeira.

This represents a loss in terms of tax revenue in Madeira as well as unfair market competition to those in the legal tourism industry.  Madeira in Portugal benefits from a very efficient and up to date property tax system where every property transaction and its financial details have to be accounted for and reported by all those involved – owners, sellers, agents/brokers and attorneys.

As a property owner in Madeira it is important for you to know that new less costly, more transparent and simplified laws are in place as from the 28th January 2014.  A small investment and a small price to pay in obtaining a new licence to rent your property to tourists, in some cases may certainly make your property more saleable and you will save thousands on tax and tax penalties/fines as a consequence of renting your property to tourists without having the legal licence.

If you are one of the property owners in Madeira, it is in your own interest to contact your local Property Management agent for advice in obtaining your licence.

Should you need a free market evaluation, we would love to hear from you.

We network with the world’s best in the industry.

Should you be planning on buying in Madeira, now is the time to buy – view some of our satisfied clients’ testimonials.

Consult some of our homes for sale in Madeira or contact us for other market opportunities that are not advertised on our site.

 

About Author: Tony Nobrega

Leave a Reply

Your email address will not be published. Required fields are marked *