The price of housing in the Canary Islands has increased by 78% in the last 10 years, an apartment that cost 100,000 euros in 2014 would be sold for 178,000 euros today.
This is clear from the analysis “Cumulative Variation of Housing in Spain in 2024”, based on the prices of housing for sale in the month of February of the last 15 years of the Fotocasa Real Estate Index Fotocasa.
“Over time, it is common for all goods and services to increase in price. However, housing does so at a very rapid pace that conditions and limits access to the home. In recent years, the increase has been very significant as a result of the existing imbalance between supply and demand and that it is getting bigger and bigger,” explains María Matos, Director of Studies and Spokesperson for Fotocasa.
Analyzing the prices that were paid for a home for sale 10 years ago (in 2014), the average price per square meter of housing has increased by 78% in the Canary Islands (from 1,391 euros/m2 in February 2014, to 2,470 euros/m2 in February 2024).
Increase only surpassed by the Balearic Islands, where prices have more than doubled
Regarding the autonomous communities that have seen the cumulative price of housing for sale increase the most in the last 10 years, the Balearic Islands, the Canary Islands and the Community of Madrid stand out, which are at the head of the increases. Specifically, the Balearic Islands is the community that has seen the price grow the most compared to 2014, specifically 109%, followed by the Canary Islands (78%) and the Community of Madrid (68%).
On the other hand, three autonomous communities have seen the cumulative price of housing for sale decrease since 2014 (10 years). These are Asturias (-5%), Castilla y León (-2%) and Extremadura (-1%).
If the increase in the price of housing in the last 10 years is analyzed by provincial capitals, it is striking that in two of them the increase exceeds 100%. These are Palma de Mallorca (123%) and Málaga (107%), which have the largest increases in the price of second-hand housing. In third position we find the city of Madrid, which increases the price by 82% compared to 2014, followed by the city of Valencia (66%) and Las Palmas de Gran Canaria (55%).
And following the ranking of the provincial capitals that have risen the most in the last ten years, in sixth position is Alicante (51%), San Sebastián (46%), Girona (46%), Santa Cruz de Tenerife (45%) and Barcelona (43%).
At the other extreme, there are eight provincial capitals that, in the comparison with the price of 10 years ago, show falls in the price of housing. The most marked fall compared to 2014 is presented by Zamora, which falls by -17%, followed by Palencia (-11%), Jaén (-11%), Ciudad Real (-6%), Cáceres (-3%), Lugo (-2%), Ourense (-2%) and Salamanca (-1%).
