Housing prices no longer grow faster in the Canary Islands than in the rest of the country

Second-hand housing in the Canary Islands in July 2024 had an average price of 2,255 euros per square meter. This figure marked a monthly increase of 1.80%. Year-on-year, it rose by 12.19%, according to the monthly sales price report from pisos.com. These are very similar data, even slightly below, the growth at the national level.
 
However, the Canary Islands remains the fifth most expensive autonomous region in the country, behind the Balearic Islands (4,524 euros/m²), among others. Regarding second-hand housing in Spain, in July 2024 it registered an average price of 2,345 euros per square meter, showing a monthly increase of 1.74%. From one year to another, the figure registered marked an increase of 13.23%.
 
The price of housing shatters records month after month. The reason behind the unstoppable increase in residential properties is the lack of product. However, Ferran Font, director of Studies at pisos.com, points out that "not only is the supply of housing scarce, but also, it is not adapted to the profiles of the demand that have been consolidating for a few years."
 
Font gives the example of single-person households, an upward trend: "There are many people who cannot live alone because the houses for sale are large and exceed their budget, so they must share an apartment if they want to save money or pay a very high rent if they prefer to be tenants alone." On the other hand, Font points to the senior sector, "with very specific needs that second-hand properties have difficulty meeting."
 
Regarding financing, the spokesperson for the real estate portal recalls that "the rise in rates contained the buying impulse, but not enough to impact prices." Now that the European Central Bank (ECB) has begun to relax its stance, "mortgage conditions will be less harsh and the interest of demand will be reinforced, which will not help to ease the pressure on prices," confirms Font.


Monthly, Las Palmas de Gran Canaria (2.99%) was the seventh Spanish capital that rose the most, while Santa Cruz de Tenerife (0.53%) showed the fifth most contained rebound in the country. Compared to last year, Santa Cruz de Tenerife (15.30%) was the fifth Spanish province that grew the most, while Las Palmas (9.35%) rebounded somewhat less. In terms of prices, Santa Cruz de Tenerife (2,267 €/m²) was the eighth most expensive in Spain and Las Palmas (2,243 €/m²) the ninth.