The Canary Islands, like many regions globally, are grappling with a housing crisis, significantly impacted by international buyers. According to a report by Idealista, one town in Tenerife has experienced a notable increase in home purchases by foreigners, with a surprising interest from Lithuanian nationals.
This town, along with three other locations in the Canary Islands, including Playa Fañabé in Adeje, Taurito-Playa de Mogán in Mogán, Gran Canaria, Vallehermoso in La Gomera, and the cliffs of Los Gigantes in Santiago del Teide, has seen a surge in property sales to non-local buyers.
In the picturesque area of Los Gigantes cliffs, the substantial 61% foreign demand is predominantly driven by Lithuanians, who are not typically among the largest groups of foreign property owners in Tenerife. This trend reflects a broader pattern observed across 25 locations in Spain, where the real estate market is increasingly influenced by international investments.
The rising foreign interest, especially from unexpected quarters, highlights the ongoing challenges and transformations within the Canary Islands’ property market.
