The square meter in Arrecife reached 2,212 euros last March, 15.1% more than a year ago, according to the price index from Idealista.com.
Thus, a medium-sized apartment of 80 square meters in Arrecife currently costs 176,960 euros, which represents 23,000 euros more than it would have cost a year ago when the square meter was 1,921 euros.
The strong growth of prices is occurring throughout the Canary Islands. The real estate portal Fotocasa has just published data for April and confirms an average price growth in the archipelago of 18.6% in the last twelve months.
Currently, according to Fotocasa, the square meter costs on average 3,441 euros in the archipelago so an 80-meter apartment costs 275,257 euros, almost 43,000 euros more than it would have cost twelve months ago.
"Canarias registers this April the highest price in its historical series after increasing by 18.6% in the last year. The archipelago is suffering a perfect storm: minimum supply and international demand that continues to push prices up," explains María Matos, Director of Studies and spokesperson for Fotocasa.
By communities, all of them increase the year-on-year price in April. Increases higher than those in the Canary Islands occurred in Murcia (32.3%), Asturias (25.0%), Andalusia (23.0%), Cantabria (23.0%), and Comunitat Valenciana (21.7%).
With increases below that registered in the Canary Islands, are located Madrid (17.4%), Castilla-La Mancha (17.4%), Galicia (16.7%), Catalonia (14.7%), Basque Country (12.8%), Navarra (12.6%), Castilla y León (11.7%) and La Rioja (11.2%), Extremadura (9.7%), Balearic Islands (9.1%) and Aragon (8.6%).