SOLD: A magnificent, unique and attractively priced renovated clifftop villa for sale near Funchal on the beautiful island of Madeira; boasting three double bedrooms, three bathrooms and three receptions plus swimming pool, extensive terraces with an outdoor kitchen and unrivaled panoramic sea views over Garajau Beach and the Atlantic Ocean.
Located within a quiet and peaceful residential development, Villa Aquarela has been meticulously well maintained and was fully renovated in 2012.
Distributed over two levels, this spacious villa with an internal habitable area of around 373 sq m, has been thoughtfully decorated and includes a fully equipped kitchen with separate laundry room, an open-plan dining and living room with wood burning fireplace and a second living room with fireplace plus sea views. On the lower floor there is a wonderful games room to keep the whole family entertained. The property is ideally suited for for holiday rentals and achieves high occupancy rates throughout the year with good rental returns.
Each of the three bedrooms benefit from air-conditioning. The master bedroom and lower ground floor bedroom have en suites. Another bathroom is located next to the third bedroom. The Master bedroom has direct access to an ocean view balcony whilst the lower level bedroom has ocean views and direct access to a terrace.
Villa Aquarela has been designed with outdoor living very much in mind. A generous pool terrace provides the ideal space to enjoy the warm, year-round climate as well as the magnificent sea views. A mid-level terrace includes an outdoor kitchen for barbecues with indoor/outdoor dining areas. In all, there are three terrace levels, comprising around 154 sq m in total, all connected by an external staircase.
The Swimming pool benefits from heating via an air heat pump system installed in 2015.
The property has a solar water heating with electric immersion back up, two log fires, glass sliding doors plus air conditioning for both heating and cooling.
Garajau beach and bay with a coffee shop/bar and restaurant, lies directly beneath the property. Listed as a Unesco World protected Marine zone, the area is popular for diving and snorkeling and is ideally situated for watching whales, dolphins and sea birds. A cable car provides easy access to and from the beach for those not wishing to drive.
An advantage for the area is the close proximity to amenities, just a ten-minute walk on Avenue Cristo Rei where you’ll find a supermarket, bakery, grocery, florist, pharmacy, laundry mini-market, ATM and a handful of bars and restaurants. Palheiro Gardens and golf course are nearby and the spectacular Santa da Serra Golf Course, located above Garajau, offers some amazing views.
The capital, Funchal, is just 10 minutes’ drive west and is connected by local bus service from the main street. Madeira Airport is approximately 12 minutes away by car travelling northeast along the coast. Flight paths are directed over the sea to avoid any noise disturbance. There are regular flights to Madeira from Europe with flying time from London taking around 3 hours and 50 minutes.
NOTE: Motivated seller (new price non negotiable). The price has now been reduced from EUR 850,000 to an incredible EUR 650,000 for a quick sale.
Madeira is made up of eight exceptional islands, some wild and uninhabited, others lined with beautiful golden beaches; all of them offering an incredible wildlife and flora.
Located on the same latitude as Morocco, the islands enjoy subtropical climate throughout the year. Full of vibrant trees and flowers, where summers are mild, and winters are soft, Madeira is a sunny place full of history and beauty. About 600 miles South West of Lisbon, millions of years ago a volcano erupted and from there emerged an island. That was Henry the Navigator’s first discovery, and because of its large variety of trees, he named it “Madeira” (Wood).
The majority of the inhabitants of Madeira now live in the south of the island with the majority of hotels and shops located in this part of the main island. The capital, Funchal, is located here and is a charming and pleasant city of 112,000 inhabitants.
There are no restrictions on foreign property ownership in Portugal and transaction costs are generally low.
Property Transfer Tax
Property Transfer Tax is levied at a flat rate of 6.5%. The tax base is the selling price of the property or current market value of the property, whichever is higher.
Registration fees, including the notary fees, are around 0.20% to 1.20% of the property value.
Stamp duty is levied at a flat rate of 0.80%. The tax base is the selling price of the property or current market value of the property, whichever is higher.
Portugal will grant a 5-year residency permit to non-EU citizens who buy a minimum of €500,000 worth of property. The permit allows holders to work or study, as well as to travel in Schengen countries. They can opt to apply for permanent residency after five years.
Business Tax incentives
Available in Madeira - flat rate of 15% tax on rental income, plus IVA (VAT) rebate of 86% on purchases, services etc., spent on rental properties.
VILLA AQUARELA - Estimated Costs
IMI Tax for Portugal approximately €195.00
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