73% of people renting in the Canary Islands cannot afford to buy a home
More than seven in ten people renting a home in the Canary Islands say they would prefer to buy if they had the financial means, according to figures from the Canary Islands Statistics Institute (ISTAC) for the last quarter of 2024.
The data shows that 21.94% of residents aged 18 and over live in rented accommodation, but for most, it is not by choice:
- 73.47% say they simply do not earn enough to buy.
- 22.80% see renting as a temporary solution until they can purchase.
- Just 7.22% rent because they do not want to buy, 9.64% value the flexibility renting offers, and 14.53% do not want to take on a mortgage.
This financial barrier affects all age groups. Among 18–34-year-olds, 77.80% rent because they cannot afford to buy, and the figure is almost identical among those aged 65 and over (77.42%).
Only 6.25% of Canary Islands residents live in subsidised rental housing.
Rising Rent Costs – Young People Pay the Most
When it comes to monthly rent:
- 11.66% pay €750 or more.
- 22.09% pay between €600 and €750.
- 30.51% pay €500–€600.
- 29.62% pay €300–€500.
- 4.99% pay less than €300.
Young tenants are hit hardest: 18.28% of 18–34-year-olds pay €750 or more, and only 15% pay less than €500.
Where People Own and Rent
Gran Canaria has the highest proportion of homeowners (66.13%), but Tenerife North leads by region (70.55%).
Fuerteventura has the highest percentage of renters (24.25%), while Tenerife South has the highest rental rate by region (25.35%).
Some 16.15% of homeowners acquired their property through inheritance or donation, rising to 21.92% in La Palma, La Gomera, and El Hierro.
Most properties (72.77%) have been owned for 15 years or more, with Gran Canaria having the oldest housing stock (77.77%).
Tenerife, Lanzarote, and Fuerteventura have the highest proportion of homes bought in the last five years (around 13%), while the green islands have the lowest (9.76%).
Living Conditions and Satisfaction
The survey also looked at housing types:
- 25.91% live in a detached property.
- 19.66% in semi-detached or terraced properties..
- Most live in apartment buildings, with 25.80% in blocks of ten storeys or more.
Overall satisfaction with housing is moderate:
- 34.35% are very satisfied.
- 46.19% are fairly satisfied.
- 18.35% are little or not at all satisfied.
Tenerife residents report the highest satisfaction (39.75% very satisfied) and the lowest dissatisfaction (14.64%). In contrast, dissatisfaction is highest in Fuerteventura (28.46%), the south of Gran Canaria (28.42%), and La Gomera (24.60%).
Young people are the least content: 25.45% of those aged 18–34 report being unhappy with their housing, compared to just 13.50% of those aged 65+.
Why Residents Are Dissatisfied
The most common complaints include:
- Cost of utilities (49.47%).
- Cost of rent or mortgage (47.39%).
- Public transport connections (34.30%).
- Distance from work or study (30.79%).
- Quality of building materials (29.75%).
- Neighbourhood safety (28.44%).
- Access to public services (25.04%).
- State of repair (22.80%).
- General neighbourhood atmosphere (20.52%).
The findings highlight the dual challenge of high housing costs and limited purchasing power across the Canary Islands — an issue affecting locals of all ages and shaping the housing market for years to come.
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