Coldwell Banker Bermuda has seen a surge in local interest in the Azorean property market, since partnering with Coldwell Banker Portugal in 2022.

The firm’s president and chief executive, Brian Madeiros said its newsletter on property in the Azores garnered 2,000 subscribers in the eight months since it launched, and three informative webinars released this year, reached 30,000 accounts.

“People are looking at retirement or lifestyle enhancement,” Mr Madeiros said. “They are looking for a vacation home, or an investment property.”

He said people are curious because the Azores Islands are beautiful, and have a lower cost of living, compared to Bermuda.

“Their gross domestic product is about 60 per cent of Bermuda’s,” the real estate agent said.

Another advantage to having a house in the Portuguese-island chain, is the proximity to Europe – just a two-hour flight to Lisbon, Portugal, and a little over three hours to London, England.

“It is really convenient, and inexpensive, to get to Europe,” he said.

However, the heightened attention to Azorean property market has not translated yet into a lot of buying for Coldwell Banker Bermuda.

“It is early days yet,” Mr Madeiros said. “Bermudians are buying through other agencies and private sellers. We came into this in 2022 and have been gradually gaining momentum.

“We now have people on the ground looking at real estate. We also have people coming to us who have property in the Azores they want to sell.”

He thinks the picture will look very different in 18 months, with more property closings in the Azores for them.

The Coldwell Banker Portugal website lists villas in the Azores ranging from $320,057 to $894,240.

Mr Madeiros said Bermudian property buyers might be interested in a brand-new development coming online in São Miguel’s main city of Ponta Delgada.

“There is also a country club being constructed, just outside of the city,” he said. “It will be great for Bermudians looking for vacation homes. We also have a couple of beautiful parcels of land in Pico, designated for hotel and tourism development.”

The local real estate firm is also working with the Coldwell Banker Portugal team to come up with a marketing plan for a 300-acre property near the town of Rebeira Grande on the northern coast of São Miguel.

“It is a stunning property on top of a mountain,” he said. “It is really high up. Down below Rebeira Grande looks like a postage stamp. It is an opportunity for a buyer looking for a trophy home. It also has forestry potential, and approval as a high-end eco-tourism resort.”

The mountain property is on the market for $8.95 million.

The firm became involved in the Azorean property market when Coldwell Banker Portugal opened up an office in Ponta Delgada.

“That was an opportunity, because a lot of Bermudian residents were asking questions about the Azores,” Mr Madeiros said.

It was particularly intriguing to him, because his ancestors are from the region.

“My great-grandfather left the Azores in the late 1800s,” he said. “They had several children in Bermuda. When my great-grandfather’s first wife died, he went back to the Azores and remarried. My grandfather was born there, before the family came back to Bermuda.”

Through assimilation, much cultural information and family history was lost over the years. For example, Mr Madeiros’s father never learnt Portuguese, growing up in Bermuda.

Now, Mr Madeiros is trying to reclaim his heritage. Because his grandfather was born in the Azores he is able to apply for a Portuguese passport.

“Because my father did not claim Portuguese status, however, means I have to pass a language test,” Mr Madeiros said. “I have been taking Portuguese language lessons for several years now, to do that. That has been very challenging.”

Mr Madeiros has been flying back and forth from Bermuda to the Azores to meet with various Portuguese officials, on behalf of Coldwell Banker.

“Their tourism market in the last five years has been growing exponentially and they are focusing on higher-end eco-tourism,” he said.

Now that Azores Airlines offers a direct flight from Bermuda to the Azores, many Bermudians are now visiting.

“It is an amazing there,” Mr Madeiros said. “The countryside is beautiful and they have won lots of environmental awards and designations.

“They are very cautious about not destroying the environment, culturally and socially, and not disenfranchising the residents.”

• Have you considered investment or retirement in the Azores? Let us know what you think, or what you found jmhardy@royalgazette.com