Three News That Tell A Story About Madeira

1.) Dionísio Pestana Sixth Richest Man in Portugal

Dionísio Pestana, co-founder of Pestana Group, ranks as the sixth richest man in Portugal, with a fortune of €1.75 billion, according to Forbes.

2.) Employees Reject €23 Difference in Hotel Workers' Wage Increase Proposal

The hotel workers' strike, held from Monday to Wednesday, saw minimal participation (2 of about 1,200 Pestana employees showed up) and had little impact. The strike, demanding a salary increase, was aimed at pushing for a higher raise than the €53 (5.5%) proposed by employers. The hotel workers union calls the proposal inadequate, seeking a minimum €75 increase (7.8%). According to different sources, it appears that there is only the old generation attending the strike.

3.) House Prices in Madeira Rise 12.6% in 2024

Funchal has become Portugal's third most expensive city for buyers seeking to buy a house, with prices reaching €3,542 per square meter in December 2024 and rising 12.6% in Madeira.