Island Fever: The Canary Islands Emerge as the Ultimate Tropical Haven for Property Investors

In the provinces of the Canary Islands, a trend of price growth was observed: in the province of Las Palmas, prices increased by 14.7 percent over the year. – up to 2,542 euros per square meter, and in Santa Cruz province – 17.5 percent, up to 2,865 euros per square meter.

This was reported by the real estate portal Idealista, which adds that throughout Spain in 2024 in the third quarter, housing prices increased by 8.7 percent over the year. and reached 2,182 euros per square meter, which is a new all-time record.

Compared to the previous quarter, it increased by 2 percent, and during the month – by 0.3 percent. According to Francisco Iñareta, the spokesperson of the Idealista company, the increase in prices was caused by a lack of supply and construction difficulties.

Where it grew the most

All autonomous communities saw price increases over the past twelve months, with the Canary Islands leading the way with a 16.4% increase. growth. The Community of Madrid (14.1%), the Balearic Islands (13.1%), the Community of Valencia and the Region of Murcia (both 12.7%) also exceed the national average.

Cantabria (8.5%), Andalusia (8.3%), Asturias (5.6%), the Basque Country (5.2%) and Navarre (4.7%).

On the opposite side of the list, the lowest growth was recorded in Extremadura – 2.8 percent. per year, followed by Castile-La Mancha (3.4%), Castile and León (3.7%), Aragon (4.1%) and Catalonia (4.2%).

According to Idealista, the most expensive average price per square meter is in the Balearic Islands at €4,561 per square meter. It is followed by Madrid (3,569 euros per square meter), which also reached a record level, the Basque Country (2,992 euros per square meter) and the Canary Islands (2,719 euros per square meter). The cheapest regions: Castilla-La Mancha (936 euros per square meter), Extremadura (973 euros per square meter) and Castile-Leon (1,195 euros per square meter).

Prices in provincial capitals also rose

As for the provincial capitals, the price of housing increased in all of them, except for Huesca, where the price did not change. The city of Malaga topped the list with a 17.9% increase in prices, followed by Madrid (17.8%), Valencia (17.6%) and the city of Santander (16.7%). It is followed by the cities of Alicante (15.9%), Granada (15%), Soria (13.5%), Palma (10.2%), and Barcelona (9.8%).

Shutterstock photo/Tourists in Barcelona

San Sebastian is the most expensive capital of the Spanish province (€5,570/m2), followed by Madrid (€4,756/m2), Barcelona (€4,561/m2), Palma (€4,308/m2) and Bilbao (€3,384/m2). On the other hand, Zamora is among the cheapest, with a price of 1,175 euros per square meter.

The Balearic Islands stand out among the most expensive provinces – 4,561 euros per square meter, followed by Gipuzkoa (3,652 euros per square meter). They are followed by Madrid (€3,569 per sq m), Malaga (€3,397 per sq m), Santa Cruz de Tenerife (€2,865 per sq m), Vizcaya (€2,859 per sq m) and Barcelona (€2,741 per sq m). Ciudad Real is the cheapest province (€745 per sq m), followed by Jaen (€838 per sq m) and Cuenca (€845 per sq m).

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