Five years after the outbreak of the pandemic, supply shortages, a lack of new housing, stagnant wages, and growing demand have led to the average sale price in Spain for a typical 90-square-meter property increasing by 32.80%, from 164,453 euros in 2020 to 218,393 euros in 2025, according to the real estate portal pisos.com.
In the Canary Islands, the increase has been 41.6% in the last five years. Thus, a 90-meter apartment that cost 152,000 euros in 2020, now costs an average of 215,400 euros.
Although the truth is that **prices have skyrocketed much more in the western islands**, so much so that **they now exceed the prices of the eastern islands** which include three tourist powerhouses: Lanzarote, Gran Canaria, and Fuerteventura
In the province of Santa Cruz de Tenerife, prices have risen by 62.8% since 2020, the Spanish province with the largest increase in the country. Thus, a 90-meter apartment has gone from costing 135,000 euros in 2020 to 220,000 currently.
Meanwhile, in the province of Las Palmas, they have increased by 25.9%. Thus, although they started from a higher price in 2020 (167,600 euros), they would now cost 211,000 euros.Prices have risen so much in the green islands, especially in Tenerife, that they have surpassed the average price of Lanzarote, Gran Canaria, and Fuerteventura combined.
The ten provinces with the largest increases are Santa Cruz de Tenerife (+62.88%), followed by the Balearic Islands (+62.52%), Malaga (+62.02%), Alicante (+58.21%), Madrid (+53.45%), Valencia (+50.16%), Murcia (+43.04%), Cadiz (+33.15%), Granada (+29.96%), and Castellón (29.47%).