Foreign buyers favour western Canary Islands for home purchases

Registrar statistics from the Canary Islands for the final four months of 2023 highlight a notable 13-point difference between Santa Cruz de Tenerife (33.49%) and Las Palmas (20.48%).

For many years now, acquiring or renting properties has been an increasingly challenging endeavour in the Canary Islands, as well as in Spain and other parts of the world, particularly for those in the middle and lower income brackets.

This issue, traditionally fluctuating with the ebbs and flows of construction cycles, has been exacerbated by a recent focus on holiday homes. In response, the regional government is crafting a new decree aimed at tighter regulation of these properties to mitigate their impact on housing prices, particularly in popular and tourist-heavy areas.

A significant factor contributing to the price increases, particularly noticeable albeit irregularly, is the influx of foreign buyers, predominantly affluent Europeans and retirees seeking the appealing climate of the islands, similar to trends seen in Spanish Levante, Balearic Islands, Catalonia, and Andalusia.

A notable discrepancy has emerged in the Canary Islands: a substantial gap in the percentage of homes bought by foreigners between the Province of Tenerife and Las Palmas de Gran Canaria, persistently exceeding 12%. Despite a slight decrease in foreign purchases in Santa Cruz de Tenerife in the last quarter of 2024, the gap remains significant at thirteen percentage points.

Foreign buyers favour western Canary Islands for home purchases

This disparity is largely due to the unique combination of sun, beach, and diverse green spaces that attract buyers, particularly in areas beyond just Fuerteventura’s typical allure.

Registrar data from October to December shows that 33.49% of property sales in Santa Cruz de Tenerife were to foreigners, a stark contrast to 20.48% in Las Palmas, placing Tenerife fourth nationally behind Alicante, the Balearic Islands, and Malaga, while the eastern province ranks eighth.

Nationally, foreign purchases accounted for 15.12% of total sales, with Britons, Germans, and French leading the list. The Canary Islands ranked third in foreign property acquisitions in the last quarter, showcasing a slight decrease in Tenerife compared to the same period in 2022, but remaining steady in Las Palmas. Contrary to the national trend dominated by English buyers, Germans are the primary foreign purchasers in the Islands.

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