A new housing development with 36 flats is set to be built at in the parish of Água de Pena, Machico, in the Autonomous Region of Madeira.

The complex will consist of 12 one-bedroom and 24 two-bedroom flats. The construction of the apartments is expected to cost €6.2 million, and the construction is planned for the end of the summer.

The housing project comes as part of the first phase of the public bid launched by the Investimentos Habitacionais da Madeira (IHM) at the end of 2021, for the acquisition of new homes under controlled costs, under the Recovery and Resilience Plan (PRR). The plan will increase the housing supply in the municipalities of Santa Cruz and Machico.

"We have to provide housing at affordable prices and rents, especially for young couples and for those starting out in life," said the president of the Regional Government, Miguel Albuquerque, during the public presentation of the collective housing project, quoted in a statement.

Miguel Albuquerque acknowledged that the demand for housing and rising prices in all municipalities of the Autonomous Region of Madeira led to a decision by the regional government to create a new housing project in the municipality of Santa Cruz and Machico, which will be completed by the end of this year. There are €136 million allocated to the region from the PRR for this purpose.