Luxury village inaugurated on Madeira island
9 October 2008
The President of Madeira Island, Alberto João Jardim, inaugurated Palheiro Village, a small development of 37 luxurious apartments built just below the Palheiro Golf Course. The President praised the village as “magnificent development”, one of the best developments he had ever seen.
The small, select property development comprises just 37 luxury apartments and 48 villas set in lush, landscaped gardens. Properties range from one-, two- and three-bedroom apartments to three and four-bedroom villas. Prices range from €340,000 (£270,000) to €1.7 million (£1.35 million). There are additional plots offering the opportunity to build a private villa.
This development is the first, on Madeira Island, to have a fractional freehold service, in which 4 owners will own the house or the apartment during 3 months. This is a modern concept that allows people to purchase a vacation home for only a fraction of the price, but still gives them full ownership rights during their stay.
In the middle of the village there will be an area where all of the residents can meet and a large swimming pool where they can enjoy themselves during those hot summer days.
It was also announced during the inauguration that a spa would be added next to the Casa Velha do Palheiro Hotel that all residents of the village may use, and construction should be finished before the send of the first semester of 2009.
For more information visit www.palheiroestate.com .