Buying a home in Funchal is becoming less and less affordable for the average Madeiran.
In a recent study carried out by Idealista/News, the publication identified 10 Portuguese districts where the majority of mortgage repayments exceed average incomes.
Obviously in first place is Lisbon, where the average family income is 83.1% less than what is needed to pay off a mortgage.
In second place is Funchal, where house prices are on average around 350,000 euros. According to JM, the average earnings are 24,741 whereas most yearly mortgage payments are in the region of 36,968 per year.
info at madeira-weekly.com