Buying a home in Lanzarote requires all family income for more than seven years

In the western islands, the effort is even greater: almost ten years of income to acquire it

EKN

March 12 2025 (09:14 WET)
Houses in Yaiza. Photo: José Luis Carrasco.
Houses in Yaiza. Photo: José Luis Carrasco.

The price of a two-bedroom home in the province of Las Palmas, which includes Lanzarote, Fuerteventura, and Gran Canaria, would require all of a family's income for 7.2 years, according to a study published by idealista.com.

In the province of Santa Cruz, the necessary effort is even greater, reaching 9.7 years.

The Spanish average is more than 6 years. Specifically, the average cost of a home with these characteristics in the fourth quarter of 2024 was 187,108 euros, which is 6.1 times the 30,552 euros of net family income calculated by the INE.

 

The most expensive city is Palma de Mallorca and Jaén is the cheapest

By capital cities, Palma is the city where the highest number of years of income would have to be allocated, practically doubling the national average with 11.8 years. It is followed by Málaga, where the price is equivalent to 9.8 years of income, San Sebastián (9.7 years), and Madrid (9.5 years).

Below 9 years of income are Barcelona (8.2 years), Alicante (8 years), Cádiz (7.2 years), and Valencia (7.1 years). Above the national average are Granada (6.9 years), Pamplona (6.7 years), A Coruña (6.6 years), Las Palmas de Gran Canaria (6.6 years), and Santa Cruz de Tenerife (6.4 years).

Jaén, on the other hand, is the capital where the fewest years of net family income need to be allocated, as its 3 years of income are less than half of the national average.

It is followed by Lleida (3.2 years), Palencia (3.4 years), Cuenca, Ciudad Real, and Huelva (3.5 years in all three cases).

Palma is the capital with the highest prices for two-bedroom homes, reaching an average of 447,795 euros. It is followed by San Sebastián with 433,948 euros and Madrid with 416,217 euros.

Below 400,000 euros we find Barcelona (341,110 euros), Málaga (309,122 euros), Pamplona (259,000 euros), Valencia (252,211 euros), and Alicante (244,584 euros).

On the opposite side, we find Jaén again, which with 101,280 euros is the capital with the cheapest two-bedroom homes in Spain.

It is followed by Huelva (106,340 euros), Palencia (108,541 euros), and Zamora (110,548 euros). Below 125,00 euros are Lleida (114,662 euros), Cuenca (116,050 euros), and Ciudad Real (122,301 euros).

 

The provinces of the Canary Islands are the third and fifth most expensive

The years of income to dedicate are aligned, in most cases, with the capitals. The province with the most years is the Balearic Islands, where 12.2 years are needed, followed by Málaga, with 11.4 years.

In third position is Santa Cruz de Tenerife (9.7 years), followed by Alicante (7.9 years), Las Palmas (7.2 years), and Madrid (7.2 years).

In the province of Barcelona, it remains at 5.1 years. At the bottom are Ciudad Real (2.7 years), Teruel (3 years), and Ávila (3 years), which are below half of the Spanish average. Next are Jaén, Lleida, León, Toledo, and Cuenca (with 3.1 years in all 5 provinces).

 

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