House prices on the Canaries have now exceeded the highest figure previously recorded, which occurred at the height of the property bubble in May 2007.
According to the Fotocasa estate agents, the average property price per square metre is €2,190 – a 21% increase on last year and €45 higher than the record price registered in 2007.
The figures coincide with an Adecco report that claims the average wage on the Canary Islands is 31.9% lower than the EU average, at €1,568 per month. This is roughly half the average monthly wage in Germany and Ireland, and significantly lower than the average Spanish monthly wage of €1,822.
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