The problem of the lack of housing not only affects the common people in the Canary Islands, but also potential buyers with high purchasing power, many of them foreigners, have difficulties finding luxury homes. The archipelago is one of the regions of Spain where this type of housing is most in demand and where it is least found, according to the real estate portal idealista.com.
The province of Las Palmas in particular, has one of the highest demands in the country for luxury housing and very little supply. In total, there are 387 properties of these characteristics in the province, 77 of them are in Lanzarote.
Despite the mismatch between supply and demand, luxury home prices on the island are below the peninsular and Balearic markets.
The average price per square meter for luxury housing in Spain in April was 5,198 euros, while it remained at 3,777 in the province of Las Palmas.
The percentage of foreign applicants for luxury housing is close to 30% on average in Spain, reaching 37% in the province of Las Palmas. Germany, the United Kingdom and Italy are the most frequent countries of origin among applicants.
The most requested product within luxury housing are villas with 4 or 5 bedrooms with a price between 1 and 2 million euros.
