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Property Values Force Middle Class Out

Reports show that buying a new home in Funchal for less than €200,000 is virtually non-existent.

Given that the average monthly gross income in Madeira does not reach 1,300 euros, fewer and fewer people can purchase a home within the capital.

This morning, local media outlet, JM, writes that house prices in São Vicente are the cheapest on the island, as property values are based on an average of €1,279 per square metre.

Samantha Gannon

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