Real Estate Market Trends in the Canary Islands: Overview for 2023

Building a house in the Canary Islands

The Canary Islands, known for their year-round mild climate, are a hot spot for property purchases. In 2023, the archipelago's real estate market is full of opportunities, but also unique challenges. In this article, we will explore the current trends of the real estate market in the Canary Islands, offering a detailed overview that can guide both investors and potential buyers in understanding this dynamic market​​.

Market Overview:

Last year, property sales in the Canary Islands increased dramatically, with an increase of 45% compared to the previous year. The total value of these sales was the highest 53%, indicating a general trend of increasing prices​​.

Investment Trends:

International buyers, mainly German, British and Italian, play a vital role in the Canary Islands property market. The most popular areas for investment were Tenerife, Gran Canaria, Fuerteventura and Lanzarote, with an increase in prices of 7% in Lanzarote and 8% in Gran Canaria in 2022​​.

Impact of Tourism:

Tourism has a significant impact on the property market, especially in popular holiday areas such as Costa Adeje and Playa de las Américas in Tenerife, and Maspalomas in Gran Canaria. In these areas, property prices have continued to rise​.

Challenges and Opportunities:

Despite the attractiveness of the market, access to housing in the Canary Islands is complicated due to low wages and high property prices. Households in the Canary Islands allocate on average 25% of their income to mortgages and 35% to rent​​.

Future Predictions:

With average prices for residential sales at €2,546 per square meter and an increase of 21,01% for rental properties, the Canary Islands are expected to remain a popular destination for property buyers, despite global economic uncertainties​​​​.

Conclusion: The Canary Islands property market is evolving rapidly, attracting significant interest both locally and internationally. While there are challenges, such as housing affordability and inflation, investment opportunities remain robust, especially in tourist areas. Investors should carefully consider these trends as they explore real estate options in the archipelago.

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