YPA was interviewed by Diário de Notícias da Madeira regarding the expansion. The conversation with Rafael Gouveia delved into the strategic move to broaden services in the picturesque Madeira region.
In July 2023, Your Property Advisor, a distinguished Portuguese real estate consultancy focusing exclusively on buyer needs, expanded its operations to the Madeira region with the hiring of property advisor Rafael Gouveia.
In two years, the team, now comprising five property advisors, has successfully negotiated the purchase of 66 luxury properties in Portugal, saving clients (primarily international, from Germany, Finland, Brazil, and the USA) over 4 million euros through strategic negotiation.
In 2022, Your Property Advisor witnessed a 150% growth in transaction volume, reaching 20 million euros, compared to the previous year. The company announced plans to hire more property advisors and expanded its activities to the Algarve in the first half of 2023.
Your Property Advisor, launched in 2020, distinguishes itself by focusing exclusively on buyer needs. The company's mission is to find exactly what the client is looking for in the market. Noteworthy is their transparent negotiation process, ensuring the best prices and payment conditions. The company has generated savings of over 4 million euros for clients in two years.
The real estate market in Madeira has experienced significant growth, becoming one of Portugal's more expensive destinations for homebuyers. The average home price on the island is 569,339 euros, marking a 17% increase since October 2022. Madeira, known for its quality of life, safety, and accessibility, attracts foreigners from the USA, Canada, Northern Europe, and Finland. The construction boom, especially in Funchal, has contributed to rising prices, alongside increased demand.
International demand for homes in Funchal increased by 9.5% in December 2022, representing 50% of total home searches. Madeira has seen substantial growth in the price per square meter, reaching 1,916 euros/m2 in Q2 2023. YPA aims to support buyers, both foreign and Portuguese, in this thriving market.
While currently establishing their presence, Your Property Advisor aspires to become a leader in the Madeira luxury real estate market in the future.
The Non-Habitual Resident (NHR) regime, introduced in 2009, aimed to attract qualified foreign residents with attractive tax benefits. This regime has significantly contributed to job creation, increased tax revenue, and investment in various sectors. Ending the RNH may negatively impact Portugal's economy, as foreigners may choose countries with similar programs, leading to decreased foreign investment and economic growth.
In the face of declining foreign investment, it's crucial to incentivize construction through tax reduction and simplified bureaucracy, increasing housing supply and addressing the housing issue effectively.
If you are interested in buying in Madeira, talk to us.