Despite talk of a slowdown in the economy, the attractions of the Canary Islands for those wanting a luxury property, either as a permanent residence or second home, appear to have increased and are fuelling significant price rises.
A study by real estate company Engel & Völker, which specialises in luxury properties, has revealed that the asking prices for prime villas and apartments across the Canaries spiralled in 2024 compared to the previous year, with increases of over 22% recorded in Gran Canaria capital Las Palmas, where properties in the area of the port and the Las Cantera Beach are now fetching 3500 euros per square metre. Prices are even higher in the main Gran Canaria resorts, with high-end properties selling for up to 4500 euros per square metre in Maspalomas-Meloneras and Playa del Inglés.
The estate agent completed nineteen sales of properties over one million euros last year in the Canaries, all of them in Tenerife. Of the sales, five saw the purchase price exceed two million euros and the remainder between one and two million. The study, widely reported in local media today, shows that while demand continues to be driven by foreigners in many cases, there has been a noticeable uptake in purchases by Spanish buyers in the last year.
Photo: https://www.engelvoelkers.com/
