Crippling Cost of Buying a Property in Madeira

In Search of Hope – by Sam Gannon

Seconded to the parish of Tililngdon, the Reverend Dolores has been presented with a challenge.

She’s living in an antiquated house and she’s cold. Furthermore, her new Bishop, Bishop Alice does not approve of ‘showgirls in dog collars.’

Determined to prove the Bishop wrong, she sets about warming her house – who cares if it smells of horse! There is the crochet club, jumble sale, and soup run to organise. And this year, the church bells will ring, no matter what threats are made. Even more so, the newly formed choir will spread a little joy this Christmas, even though they can’t sing – yet! And with a little help from Phil, her bassist, this year could be full of magic.

However, she has a fight on her hands as the townies out in Knob Hill – she must stop calling it that, are trying to stop her from ringing her bells. When Krystal with a K decides to do some volunteer work, Dolores sets out to see just how committed she really is.

Up to her ears in granny squares and squawking choristers, Dolores is revving up for Christmas, yet a deeper darker secret is beginning to emerge!

A secret that could blow the whole parish apart and put Dolores in danger.

(available from Amazon)

3,165 euros is the average gross monthly salary to buy a 100m² house in Portugal.

“Buying a house is an aspiration for many families in Portugal. But at what price is this dream available? That’s what we wanted to find out, calculating the gross monthly salary needed for a family to buy a property of 100 square meters in the different Portuguese regions. The amount presented means the monthly minimum wage that a bank will require when approving the credit,” states the introduction of a study by the HelloSafe Portugal team.

The results are as follows:

Unsurprisingly, in May 2023, to buy a 100m² property in Lisbon the minimum gross monthly income must be €6,123.
Three other regions also require a gross monthly salary of more than €3,000 to buy a 100-square-meter property: Madeira, Faro, and Porto. With the study confirming that a gross monthly income of €3,573 is needed to enable a purchaser to buy a property in Madeira.
In contrast, Guarda (771 €), Portalegre (816 €), and Castelo Branco (879 €) are all cheaper regions in Portugal.
The national average gross minimum wage for a mortgage for a property of 100 square meters in Portugal is today at 3,147 €.

Further figures released show that house prices in Madeira rose by 4.2% in the second quarter of the year compared to the previous quarter. Thus raising the average cost per square metre to 2,560 euros by the end of June. The monthly increase was 1.2% equating to an annual increase of 19.8%.

Looking at the different municipalities, prices rose in São Vicente (24.6%), Santana (17.3%), Ribeira Brava (9%), Calheta (8.4%), Ponta do Sol (4.7%), Câmara de Lobos (3.7%) and Funchal (3.6%). In Santa Cruz (0.4%) and Machico (0.4%), prices remained stable during this period.

The most expensive municipality to buy a house is Funchal (2,943 euros/m2), followed by Calheta (2,724 euros/m2), Ribeira Brava (2,330 euros/m2), Ponta do Sol (2,103 euros/m2), Câmara de Lobos (2,073 euros/m2) and Santa Cruz (1,761 euros/m2). On the other hand, the most economical areas are Machico (1,436 euros/m2), Santana (1,447 euros/m2), and São Vicente (1,593 euros/m2).

Following the trend of the Region, houses in Porto Santo rose 3.8% during the same period analyzed, fixing the price of the square meter at 1,927 euros / m2.

Samantha Gannon

info at madeira-weekly.com

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