Although a slowdown in the real estate market is beginning to emerge, given that the growth in prices in October compared to the previous month has been only 0.6% in the Canary Islands, the increase in the price of second-hand housing reaches 7.3% compared to the prices of a year ago, according to data from the Fotocasa Real Estate Index. The average price is thus in the Canary Islands at 1,901 euros/m2.
The year-on-year price rises in the province of Las Palmas by 5.9% and places the square meter at 1,818 euros, while in the province of Santa Cruz de Tenerife grows by 8.4% to place the square meter at 1,973 euros.
Fotocasa considers that "the price of second-hand housing is increasing at an unusual rate" and believes that "housing applicants for purchase have accelerated the search and the financing application process to try to get good mortgage conditions before interest rates reach levels that are unaffordable for families".
The Canary Islands ranks fifth in price growth in Spain, behind the Balearic Islands (12.5%), Navarra (11.7%), Madrid (9.4%) and the Valencian Community (8.4%).
Behind the Canary Islands are Andalusia (6.6%), Catalonia (5.1%), La Rioja (4.0%), the Region of Murcia (3.6%), Castilla-La Mancha (3.3%), Aragon (3.0%), the Basque Country (2.4%), Extremadura (2.3%), Galicia (1.7%), Asturias (1.3%), Cantabria (1.3%) and Castilla y León (0.1%).
