The price of used housing has seen a 10.7% increase in the Canary Islands over the last year, bringing the price per square meter to 3,150 euros, according to the latest price index from Idealista.com. This figure represents a 2.1% quarterly increase and the highest price in the Canary Islands since Idealista began keeping records.
The Canary Islands provinces have seen price increases over the last year: they grew by 9% in the case of Las Palmas, to 2,888 euros per square meter, and by 10.9% in Santa Cruz de Tenerife, to 3,327 euros. Both provinces have reached their historic records for used housing prices.
The biggest increase recorded in the province of Las Palmas is that experienced by Haría, where prices have risen by 52.7% in the last year. This is followed by increases in San Bartolomé (47.3%) and Valsequillo de Gran Canaria (21%). On the other hand, Las Palmas de Gran Canaria (0.9%) and Tías (1.2%) register the smallest increases among the municipalities analyzed by idealista.
After this increase, prices in Las Palmas de Gran Canaria stand at 2,504 euros per square meter. San Bartolomé de Tirajana reaffirms itself as the most exclusive market in Las Palmas: its
4,663 euros mark the ceiling, while the cheapest in Las Palmas is Gáldar with its 1,290 euros.
In the municipalities of the province of Santa Cruz de Tenerife, the biggest increases have occurred in Los Realejos (30%) and Tacoronte (29.7%), while the only decrease among the municipalities analyzed by idealista has been in Santa Úrsula (-2.5%).
Prices in the city of Santa Cruz de Tenerife rose by 20.2% to reach 2,577 euros per square meter. The most expensive market in the province is Adeje (4,482 euros), followed by Guía de Isora (4,059 euros), while Icod de los Vinos is the cheapest (1,484 euros).
For Francisco Iñareta, spokesperson for idealista, “there is a lack of housing and the numbers are clear. After the 2008 crisis, we have not been able to recover our production capacity, so we have a huge burden of underproduction of housing. The Bank of Spain estimates this deficit at 700,000 homes, but the gap remains open. Considering that almost twice as many households are created as new homes, the problem shows no signs of
being solved".
The price of used housing in Spain registered a year-on-year increase of 16.2% during the fourth quarter of the year, higher than the 15.3% recorded in September, and the largest since the bursting of the real estate bubble.
This increase brings the square meter to 2,639 euros. Considering the quarterly variation, prices have increased by 4.8% in the last three months. With this price, Spain reaches a new historic high.
