The price of housing in the Canary Islands has reached levels close to those recorded in the 2008 real estate bubble, according to data from the Canary Islands Institute of Statistics (ISTAC).
The Fotocasa Real Estate Index already warned in October that housing prices in the Canary Islands were exceeding the maximumsreached during the real estate bubble. According to ISTAC, they have not yet reached that point, but there is very little left.
The average appraised value of free housing in the Canary Islands in the second quarter of 2023 was 1,733.4 euros per square meter. The record of the historical series dates back to the second quarter of 2008: 1,841 euros/meter squared.
Since the third quarter of 2006, the square meter of new housing in the Canary Islands exceeded the barrier of 1,700 euros and remained so until the first quarter of 2009, when a downward path began until 1,257 euros/m2 in the first quarter of 2014 and from there it has gradually increased to 1,733.4 in the third quarter of this year.
That figure represented an increase of 8.2% in prices, only surpassed by the Balearic Islands, in a widespread expansive context throughout the country, where the average value is 1,812.4 euros/m2, the highest amount since the end of 2010.
The disaggregated data from the Canary Islands, published by the Canary Islands Institute of Statistics, ISTAC, specify that the value of housing five years old or less is 1,888.2 euros, and that of more than five years old, 1,730.8 euros.
In the province of Las Palmas, the average value of new housing in the third quarter of 2023 was 1,787.7 euros; in that of Santa Cruz de Tenerife, 1,678.9 euros.
As for protected housing, the price in the Canary Islands has been 1,126.5 euros, compared to the national average of 1,164.6 euros.
It is the highest record since the second quarter of 2012, when the value per square meter was 1,171.2 euros.
