After successfully promoting and completing the Outubro 355 project in Entrecampos, Lisbon, with an investment exceeding €13 million, the real estate developer Yard Properties has announced a new residential project in the historic town centre of Funchal, Madeira. The luxurious Ferreiros Residences will comprise 14 apartments, with one-bedroom units ranging from 70.90 to 85.90 square metres (m²) and two-bedroom units spanning 118.30 to 208.85 m². The project will proceed thanks to a €7 million investment.
The development is expected to be completed within two years, with apartment deliveries planned for late 2026 or early 2027, according to a statement from the company. Official sales will commence on 15 January 2025, with prices starting at €385,000.
Six apartments have already been reserved, according to Yard Properties. These are “loyal clients of Yard Properties who are familiar with the company’s standards, allowing them to benefit from the best pre-sale prices available,” stated David Rabi, CEO of Yard Properties, in a press release.
The company’s founder and manager noted that “the steady growth in property values in Madeira and its appeal as a lifestyle destination have drawn the attention of both local and international investors.” He added, “Despite broader economic fluctuations, demand for premium residential spaces in Funchal remains robust.”
According to Yard Properties, the architectural approach of the development focuses on the “harmonious coexistence between the restoration of the historic façades of the pre-existing buildings and the contemporary modernity reflected in the apartment interiors.”
Residents of Ferreiros Residences will enjoy various amenities, including a private pool, private parking, and shared spaces for residents. All of this is located “within walking distance of Funchal’s restaurants, cafés, and seafront,” the statement concluded.
Madeira is "simply a dream"
David Rabi expresses his enthusiasm for the project, describing himself as a passionate admirer of Madeira, an island he considers “simply a dream.” “Our company focuses on prime locations where demand remains strong from both local and international buyers. Our approach is centred on creating high-quality residences, and these apartments will be built to the highest standards,” he assures.
On the topic of Madeira being on the radar of property investors, Rabi highlights that it has long been a sought-after destination for British and Western European buyers. He notes a “recent wave of interest from North American investors in recent years, which is refreshing.”
“The recent announcement by United Airlines of direct flights from Newark to Cristiano Ronaldo Airport in Funchal is a significant milestone. We believe that the best is yet to come for Madeira,” he states, adding that “Madeira is no longer just a holiday destination.” The island, he says, “is evolving into a highly attractive place to live and work, offering a quality of life that is hard to match elsewhere.”
