Buyers of 20 apartments and two commercial spaces in the former Residencial Colombo building on Rua do Carreira, Funchal, are caught in a real estate impasse. Most buyers are foreign nationals and have not yet received their property deeds, with some finalization processes pending.
The owner, an entrepreneur whose parents emigrated from Madeira to Latin America, has been difficult to reach, causing issues for contractors and subcontractors who report outstanding payments. Deed signings were scheduled for June, but the owner has been unresponsive, according to multiple sources.
The building, recently renovated for residential and commercial use after being vacant, features one-bedroom apartments priced between €300,000 and €390,000. The occupancy permit has been issued by the Funchal Municipal Chamber. The owner's lawyer acknowledged contact difficulties but assured that all efforts are being made to expedite the process, denying any delays from the developer's side.
