The cost of pre-owned housing in the Canary Islands rose by 20.2% in November compared with the same month last year, reaching an average of €3,265 per square metre, according to the latest Fotocasa Real Estate Index.
Month-on-month, prices increased by 2%, meaning that an 80-square-metre home in the archipelago now costs around €261,208.
A new nationwide peak
Across Spain as a whole, property prices reached record levels in November. Prices rose by 1.4% compared with October and by 18.8% year-on-year — the highest annual increase in two decades.
The average asking price for housing now stands at €2,828 per square metre, giving an average property value of €226,208, up from €190,382 in November 2024.
Demand vastly outstrips supply
According to María Matos, head of research and spokesperson for Fotocasa, housing prices are rising at an “unprecedented” pace due to a structural imbalance between supply and demand, with demand running four times higher than available stock.
Matos also noted that while national prices remain slightly below their 2007 peak (-4.2%), the most dynamic cities have surpassed that ceiling, driven by strong population growth, limited construction, and easing mortgage conditions, all of which are intensifying demand.
Price increases of more than 10% in 11 regions
All 17 autonomous communities recorded higher housing prices than a year ago, with double-digit increases in:
- Region of Murcia: +24.4%
- Valencian Community: +23.5%
- Asturias: +23.4%
- Andalusia: +20.7%
- Canary Islands: +20.2%
- Cantabria: +18.6%
- Madrid: +14.9%
- Balearic Islands: +14.8%
- Catalonia: +14.3%
- Basque Country: +12.0%
- Galicia: +11.4%
These were followed by:
- La Rioja: +8.6%
- Castile and León: +7.9%
- Aragon: +6.3%
- Castile-La Mancha: +5.9%
- Navarre: +4.5%
- Extremadura: +4.0%
Most expensive regions per square metre
The highest average prices were recorded in:
- Balearic Islands – €5,206/m²
- Madrid – €5,059/m² (first time surpassing €5,000)
- Andalusia – €2,713/m²
- Valencian Community – €2,553/m²
- Cantabria – €2,461/m²
- Asturias – €2,224/m²
- Navarre – €2,185/m²
- Galicia – €2,107/m²
- Aragon – €1,850/m²
- Region of Murcia – €1,830/m²
- La Rioja – €1,799/m²
- Castile and León – €1,651/m²
- Castile-La Mancha – €1,300/m²
- Extremadura – €1,295/m²
