The price of second-hand housing in Canary Islands rises 0.2% in its monthly variation and 18.6% in its annual variation, placing the average price of homes offered in January at 3,325 euros per square meter, according to data from the Fotocasa Real Estate Index
If we calculate this last monthly increase and multiply it by the 80 meters of a standard home, we see that the average value of a home is 265,978 euros in January.
A year ago the price would have been 224,198 euros (41,781 euros difference). This last year-on-year value (18.6%) is the second highest increase detected in this period of the year in the last 20 yearsBy provinces, the increase is slightly higher in Santa Cruz de Tenerife (19.5%) than in Las Palmas (19.1%). As for prices, Santa Cruz de Tenerife is the most expensive with 3,664 euros/m2, followed by Las Palmas with 2,801 euros/m2
By municipalities, the largest increases were recorded in Los Realejos (45.6%), Telde (37.6%), La Oliva (31.1%), Santa Cruz de Tenerife capital (24.9%), San Cristóbal de la Laguna (24.7%), Arrecife (24.0%), San Miguel de Abona (17.5%), Guía de Isora (16.8%), Las Palmas de Gran Canaria (14.4%), Arona (12.7%), Granadilla de Abona (11.4%), Santa Lucía de Tirajana (10.6%), Adeje (9.9%), Puerto de la Cruz (8.7%), Puerto del Rosario (6.5%) and Santiago del Teide (3.7%).
"Despite the fact that monthly growth has moderated slightly to 0.2%, the accumulated pressure remains extreme. We are not facing a real estate bubble, but rather a structural imbalance aggravated by the condition of being an island: **demand —both local and international— remains at its peak**, while the lack of new construction and the scarcity of available land prevent the market from self-regulating. This situation is seriously complicating accessibility, especially for local residents and young people, who see how access to property is becoming an increasingly difficult challenge on the islands," **explains María Matos, Director of Studies and spokesperson for Fotocasa.**By communities, if we analyze housing prices for sale compared to those of a year ago, we see that all 17 communities increased the year-on-year price in January. The increases above 10% affect eleven communities and are: Region of Murcia (27.1%), Andalusia (24.5%), Valencian Community (23.8%), Asturias (23.3%), Madrid (19.6%), Cantabria (19.0%), Canary Islands (18.6%), Balearic Islands (14.4%), Galicia (14.0%), Catalonia (12.8%), Basque Country (11.4%) and Castilla-La Mancha (10.2%), all above the 10% year-on-year variation. They are followed by Castilla y León (9.9%), Aragon (7.8%), La Rioja (7.5%), Navarre (6.7%) and Extremadura (6.6%)Regarding the ranking of Autonomous Communities (CC.AA.) with the most expensive price per square meter in Spain, it is found in the Balearic Islands and Madrid, which for the first time exceeds 5,000 euros, specifically the Balearic Islands are at 5,293 euros/m2 and Madrid at 5,225 euros/m2. They are followed by the Basque Country with 3,684 euros, the Canary Islands with 3,325 euros, Catalonia with 3,246 euros, Andalusia with 2,775 euros, Valencian Community with 2,634 euros, Cantabria with 2,519 euros, Asturias with 2,233 euros, Navarre with 2,203 euros, Galicia with 2,157 euros, Region of Murcia with 1,919 euros, Aragon with 1,881 euros, La Rioja with 1,802 euros, Castile and León with 1,696 euros, Castile-La Mancha with 1,338 euros and Extremadura with 1,309 euros
