Work has begun on the cable car of the Madeira SkyPark project in Curral das Freiras, with opening planned for 2028. The private investment is valued at 48.5 million euros and is being developed under a 50-year public concession, renewable for another ten years.
According to published information, the contract provides for an initial monthly rent of 2,000 euros to the Institute of Forests and Nature Conservation, plus 1% of annual ticket revenue, but only from the tenth year of operation. The promoters project 200,000 visitors a year, 50 direct jobs and 400 million euros in benefits for the region over the concession, figures that depend on assumptions yet to be proven.
The project also involved a partial suspension of the Câmara de Lobos Municipal Master Plan to allow works in sensitive areas. The case renews debate over what the region receives in return and over the model of tourism-led development.