Buying a home in the Canaries now costs an average of €86,400 more than 10 years ago

  • Canarian Weekly
  • 26-03-2024
  • National
  • Photo Credit: Archivo
Buying a home in the Canaries now costs an average of €86,400 more than 10 years ago

The Canary Islands rank as the second highest region in Spain where the average price of housing has increased the most between 2014 and 2024, with an accumulated rise of 78% over those 10 years, surpassed only by the Balearic Islands (109%), and significantly exceeding the overall increase recorded in Spain, which stands at just 29%.

According to a report published yesterday (Monday) by the real estate portal Fotocasa, the cost of a home in the Canary Islands rose from 1,391 euros/m2 in February 2014 to 2,470 euros/m2 in February of this year. The study, named "Accumulated Variation of Housing Prices in Spain in 2024," was conducted to analyse the evolution of prices in the property sector.

Fotocasa explains in a statement that, according to its figures, Canarians had to pay an average of €111,200 for the purchase of an 80m2 property ten years ago, a figure that has since gone up to €197,600, an increase of €86,400.

Meanwhile, in Spain as a whole, the price of a home of similar dimensions increased from €138,095 to €178,735, an increase less than half of that in the Canary Islands of €40,641.

In the Balearic Islands, housing prices rose by €160,474, from €147,327 to €307,801, and in Madrid, the third region where prices increased proportionally the most (by 68%), following the Canary Islands, they rose by €127,078, from €187,172 to €314,250.

According to Fotocasa, its report, which reviews how prices in the sector have changed in the country over a total period of 15 years but also stops to analyse how they have changed in relation to five and ten years ago, reveals that not all price increments have been equal in the islands over those periods.

In the last five years, prices increased by 45%, while in Spain as a whole, they increased by 18% in the last five years and even decreased in the last three by 11%.