In the first six months of 2023, the Canary Islands experienced large year-on-year increases in the price of second-hand housing and closed the second quarter of the year with a year-on-year increase of 21.7%, according to the Fotocasa Real Estate Index.
With all this, the average price of housing for sale in the Canary Islands reached 2,190 euros per square meter and exceeded for the first time the historical maximum price reached in May 2007 when it cost 2,155 euros per square meter.
The Canary archipelago thus becomes the second autonomous community, after the Balearic Islands, to reach its historical maximum price in the second-hand housing market.
These increases have coincided with the change in monetary policy and the rise in interest rates by the European Central Bank. The demand for purchases increased amid fears that mortgages would become even tighter.
A situation that complicates access to housing in an autonomous community where officially protected housing is extremely limited.
