The price of housing rose by 4.7% in the Canary Islands during the first quarter of the year, 1.6 points above the average, according to data published by the Ministry of Transport, Mobility and Urban Agenda.
In Spain as a whole, the rise was 3.1 % and places the average price of housing at 1,788.4 euros per square metre, the highest amount recorded since the end of 2010.
In addition to this year-on-year increase, house prices rose by 2.2 % compared to the previous three months in a context marked by the rise in interest rates to curb inflation and the increase in the cost of financing.
Not since the fourth quarter of 2010, when it exceeded 1,825 euros, had the square metre reached such an expensive price.
This new increase comes after the price of housing closed 2022 with a rise of 3% to 1,749.2 euros/m2, the highest figure since mid-2011.
PRICE INCREASE BY SPAIN’S REGIONS
The highest increase compared to the same period in 2022 was recorded in the Balearic Islands (7.3 %); followed by Andalusia (4.8 %); the Canary Islands (4.7 %); Madrid (4.6 %) and Galicia (4 %).
However, at a quarterly rate, price falls were observed in Aragon (-1.3 %), Ceuta and Melilla (-1.2 %) and Cantabria (-0.5 %). The largest increases were again in the Balearic Islands (3.9 %), followed by the Valencian Community (3.5 %) and Madrid (3.1 %).
At a general level, the most expensive square metre was registered in the Community of Madrid (2,978 euros), followed by the Balearic Islands (2,803 euros); the Basque Country (2,541 euros) and Catalonia (2,186 euros).
