Canary Islands’ capitals experience high housing demand

Santa Cruz de Tenerife and Las Palmas de Gran Canaria are among the Spanish cities experiencing the highest demand pressure on housing supply, with the Canary Islands also featuring prominently in areas with the most expensive property prices, according to a recent Idealista study.

Santa Cruz de Tenerife and Las Palmas de Gran Canaria rank among the cities with the highest demand pressure on housing supply in the country, according to a study by the real estate portal Idealista released this Monday. These Canary Island capitals are listed sixth and seventh respectively, with Móstoles, Madrid Community’s second-largest city, topping the list with the greatest demand pressure on housing inventory for sale on Idealista during the first quarter of 2024, surpassing Madrid for the first time.

Furthermore, according to Idealista, the Mediterranean coast and the two archipelagos host the highest prices among the most sought-after localities. For example, the Tenerife municipality of Adeje, located in the south of the island and one of the main tourist spots of the archipelago, has an average housing purchase price of €681,500 according to the real estate portal’s study.

Canary Islands' capitals experience high housing demand

In terms of municipalities with the highest relative demand, Móstoles (population 211,000) surpasses the capital itself, followed by Getafe (185,000), Valencia, and Alcalá de Henares (200,000), all on the outskirts of Madrid, ahead of Santa Cruz de Tenerife or Las Palmas de Gran Canaria.

The list of the top 20 also includes the Valencian municipality of Torrent (87,000 inhabitants), followed by Zaragoza, Barcelona, Sevilla, Reus (Tarragona, 109,000), Málaga, L’Hospitalet de Llobregat (Barcelona, 276,000), Santander, Huelva, Palma, Gijón (268,000), Sant Cugat del Vallès (Barcelona, 98,000), and Almería, which closes the list.

In terms of average price, the “uncontested” leader, Benahavís (9,200 inhabitants) in the Costa del Sol Málaga, boasts prices exceeding €2.23 million, followed by the so-called “million trio” comprising Calvià (€1.67 million), Marbella (Málaga, 156,000 inhabitants, €1.49 million), and the urbanization of Sotogrande (in San Roque, Cádiz, €1.17 million).

Canary Islands' capitals experience high housing demand

Close contenders include two towns in Alicante, Altea (€961,000) and Jávea (€850,000), and three in Barcelona: Sant Cugat del Vallès (€834,500) – more focused on residential areas outside the Catalan capital – Sitges (€736,000), and Castelldefels (€647,000).

Both Adeje (€681,500), in Santa Cruz de Tenerife, and Llucmajor (€671,000), in Palma, reflect the demand along the coast in both the Canary and Balearic Islands.

The leading capitals with the highest total prices are Palma (€641,200), followed by San Sebastián (€570,200), Madrid (€509,600), and Barcelona (€398,300).

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