Although the price of housing sales in the Canary Islands has been progressively increasing in the last five years, the EFE agency points out that this trend could be broken in the coming years, according to the report from Euroval and its Real Estate Analysis Institute (Instai) "Three-year forecast. Provincial residential prices".
Specifically, the price of housing is expected to decrease by 1.7% in the next three years, both in the province of Las Palmas and in Santa Cruz de Tenerife.
And it is that in recent years there has been a gradual increase in prices, going from 1,595 euros per square meter in February 2018 to 1959 euros this year, with a pronounced decrease only at the beginning of the pandemic, according to data from Idealista.
For their part, most real estate consultants, agencies and appraisers believe that the price of housing will continue to rise in all provinces at least until 2024. Only four provinces would reduce their prices until 2024: Barcelona (-7.4%), Palencia (-6.6%), Soria (-2.8%) and Segovia (-2.2%). Las Palmas and Santa Cruz de Tenerife, both with a price decrease of 1.7%, are part of the group of provinces that will experience decreases of less than 2%, along with Gipuzkoa (-0.5%), Navarra (-0.6%), Álava (-0.7%), Salamanca (-1.3%), Alicante (-1.4%), and Valladolid (-1.9%).
At the national level, increases of between 2% and 6% are expected this year and with a projection that indicates that housing will become 0.9% more expensive in 2022, another 0.5% in 2023 and 0.3% in 2024, which represents an average cumulative increase of 1.7%.
