The monthly report of housing prices from pisos.com reveals that second-hand housing in the Canary Islands is 13.33% more expensive than a year ago. With data from November 2024, this type of property had an average price of 2,368 euros per square meter, being 1.25% more expensive than in October.
The Canary Islands were the fifth most expensive autonomous region in the country, behind the Balearic Islands (4,863 euros/square meter), among others. As for second-hand housing in Spain, in November 2024 it registered an average price of 2,424 euros per square meter, showing a monthly decrease of -0.26%. From one year to another, the figure registered marked an increase of 12.80%.
"We are about to end another year in which housing has once again demonstrated its enormous capacity for revaluation," says Ferran Font, director of Studies at pisos.com. "The supposed adjustment that was going to bring more restricted access to mortgage credit has not even been noticed," says the expert, adding that "the progressive return to more attractive financing that we have been experiencing since the summer, motivated by the cuts in official interest rates, makes it even more unlikely that we will see a cooling in prices."
To this regulatory element that has been lost due to the change in stance of the European Central Bank (ECB) must be added, as Font recalls, the lack of supply: "The eagerness of demand multiplies as mortgage conditions become more favorable, and if we add to this that the real estate stock accumulates years of limitations, the result is that we will have high prices for a while."
The spokesperson for the real estate portal affirms that "it is essential to generate more residential product, solving the legislative complications surrounding promotion and betting on technologies that save time without losing quality or efficiency." The director concludes that "we cannot continue to strangle such a necessary asset."
Significant year-on-year increases in the Canary Island capitals
Monthly, the province of Las Palmas (1.44%) grew somewhat more than that of Santa Cruz de Tenerife (1.06%). Compared to last year, Santa Cruz de Tenerife (16.22%) was ninth in the ranking of national increases, with the rebound in Las Palmas (10.59%) being more contained. In terms of prices, Santa Cruz de Tenerife (2,433 €/m²) was eighth in the general ranking, and Las Palmas (2,306 €/m²) ninth.
As for the Canary Island capitals, Las Palmas de Gran Canaria (2.66%) was the fourth Spanish capital that grew the most, and Santa Cruz de Tenerife (2.65%) the fifth. From one year to another, Santa Cruz de Tenerife (15.32%) prevailed over Las Palmas de Gran Canaria (13.55%). With 2,769 euros per square meter in November 2024, Las Palmas de Gran Canaria was the most expensive Canary Island capital. Santa Cruz de Tenerife (2,510 €/m²) was the cheapest in the autonomous region.
