The average price of second-hand housing in the Canary Islands rose by 0.02% in April compared to the previous month, placing it at 2,564 euros per square meter, according to data from the Fotocasa Real Estate Index. However, in the last year, prices have risen by 23.4%.
According to data from the real estate portal, there are significant differences by province, as the increase in the last year has been 31.3% in Santa Cruz de Tenerife, where the square meter reaches an average of 2,911 euros, and 11.7% in Las Palmas, where the average price amounts to 2,162 euros.
"At the moment, maximum demand and minimum supply are creating great tension in the cost of housing. In addition, the forecast of de-escalation of interest rates in the second half of the year will further fuel demand, so it is likely that the price will continue with the upward trend," explains María Matos, Director of Studies and spokesperson for Fotocasa.
If we analyze the prices of homes for sale compared to those of a year ago, we see that 16 communities increased the year-on-year price in April. The increases exceeding 10% affect five communities, which are: Canary Islands (23.4%), Madrid (17.7%), Valencia Community (12.8%), Murcia Region (10.9%), and Andalusia (10.4%).
They are followed by the communities of Balearic Islands (9.5%), Cantabria (6.4%), Basque Country (6.2%), Castilla-La Mancha (5.9%), Galicia (5.3%), Asturias (5.3%), La Rioja (3.9%), Aragon (3.5%), Castilla y León (3.5%), Navarre (3.1%) and Catalonia (2.3%). On the other hand, the community with a year-on-year decrease is Extremadura (-0.3%).
Regarding the ranking of Autonomous Communities (CC.AA.) with the most expensive second-hand housing prices in Spain, Madrid and the Balearic Islands are found with prices of 4,046 euros/m2 and 4,015 euros/m2, respectively.
They are followed by the Basque Country with 3,142 euros/m2, Catalonia with 2,790 euros/m2, Canary Islands with 2,564 euros/m2, Andalusia with 2,092 euros/m2, Navarre with 2,031 euros/m2, Cantabria with 1,966 euros/m2, Valencia Community with 1,835 euros/m2, Galicia with 1,756 euros/m2, Aragon with 1,720 euros/m2, Asturias with 1,679 euros/m2, La Rioja with 1,653 euros/m2, Castilla y León with 1,504 euros/m2, Murcia Region with 1,341 euros/m2, Castilla-La Mancha with 1,217 euros/m2 and Extremadura with 1,212 euros/m2.