Thursday, February 2, 2023

One in three Canary Islands homes bought by foreigners

Figures from the Spanish Ministry of Transport, Mobility and Cities show that non-residents bought 75 percent more homes in the Canary Islands last year compared to 2021. "One in three homes sold in the Canary Islands is currently being bought by foreigners," Carl Vorsselmans and Freyke Van Looveren of New Construction Tenerife, let us know in a comment to our editors.

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Figures from Spain's Ministry of Transport, Mobility and Cities show that non-residents bought 75 percent more homes in the Canary Islands last year compared to 2021. "One in three homes sold in the Canary Islands is currently bought by foreigners," Carl Vorsselmans and Freyke Van Looveren of New Construction Tenerife, let us know in a comment to our editors.

Why is this important?

Spanish real estate continues to do well with foreigners. Now that the corona pandemic is behind us, many people are seizing their chance to buy a property in the southern country.

In the news: A total of 9,067 of homes in the Canary Islands were bought by foreigners last year. That is an increase of 75 percent compared to 2021.

  • In the third quarter of 2022, the number of property purchases by non-residents grew to 2,808, compared to 1,888 registered during the same period of 2021. This is an increase of 48.7 percent.
  • Furthermore, data from the Spanish Ministry shows that the average property price in the Canary Islands increased by 7.4 percent.
  • "We can confirm the above trend," echoes Vorsselmans and Van Looveren. "Tenerife is very hot lately."

Property owned by non-residents

Details: A significant proportion of properties in the Canary Islands are owned by non-residents.

  • "One in three homes sold in the Canary Islands is currently bought by foreigners," the real estate agents reveal. "That figure rises to 50 percent in the two main tourist attractions, namely Arona and Adeje. With peaks of foreign buyers up to 90 percent in Playa de Las Americas, Los Cristianos and Costa Adeje."
  • "On the mainland we see a similar trend, but slightly less significant than in Tenerife," they add.

Another notable trend: While previously buyers consisted mainly of British, Germans, Belgians and Italians, more and more other nationalities are now entering the Spanish real estate market, such as Estonians, Latvians, Poles and Lithuanians. This trend is also confirmed by Vorsselmans and Van Looveren.

Source: Niels Saelens - Business AM