We are pleased to present a rare development opportunity in the very heart of Santa Maria. Those who are familiar with the main tourist town of Sal will know that real estate for sale in the centre is extremely scarce, and prices are astronomical. For under 400,000 Euros, here is a plot ripe for development.
A traditional stone house of 170.78m² currently sits on a plot located between the pharmacy and hotel and brand new four storey apartments and aparthotels, on Santa Maria’s second most popular tourist street, and one of the main commercial roads housing banks, bakeries, the only pharmacy, restaurants and hotels. This is the ONLY traditional house for sale on the pharmacy street, and offers a developer an extraordinary chance to modernise, or to demolish and build.
Planning permission allows for a 3 storey building to be placed here, with access from not only the pharmacy street but from the street behind. With the appropriate permissions (and precedent in neighbouring buildings), this might be extended to 4 floors. The ground floor could be developed into street front commercial units with frontage facing two streets, with accommodation – 1 or 2 bed apartments or a mix of both – above. Considering the size of the house, an investor building to three storeys would have access to over 500m² of property.
Currently a single storey residence in need of complete renovation, the property has five bedrooms and three bathrooms, as well as a large open plan living, dining and kitchen area, tiled throughout, plus a rear terrace and flat roof. It will be sold fully furnished, and many of the appliances and much of the furniture holds value. Electricity and water are already supplied and functioning, and Casa Verde can confirm that there is clean title held by one family, all adults with the right and agreement to sell, with no debt.
There is precedence for mixed commercial and residential building along this street, with neighbouring properties including a hotel and high-end apartment blocks, some of which have rooftop pools, elevators, etc. This is a prime area for both commercial rentals and sales of street front units, and for residential sales and lettings. The current sales prices as of October 2025 are approximately 150,000 Euros for a T1 (one bed) apartment with balcony, and up to 250,000 Euros for a T2 (2 bed) penthouse. The return on investment is therefore clear to envisage.
Early viewing of the site and the possible building is highly advised.
