First time buyers now need over €47,000 in savings to buy a home in the Canary Islands
Buying a home in the Canary Islands now requires more than just a steady income, with new figures revealing that first time buyers need an average of over €47,000 in savings to cover the deposit and ‘closing costs’ regardless of the fact they can easily afford mortgage payments.
According to a new study by Qualis Credit Risk, buyers in the Canary Islands now need an average initial deposit of €47,143 to purchase a property, marking a 7.45% increase compared with last year.
The report used official property price data from Spain’s Ministry of Housing for the final quarter of 2025 and based calculations on a typical second-hand property measuring 80 square metres.
Banks in Spain typically finance a maximum of 80% of a property’s value, meaning buyers must cover the remaining 20% deposit themselves, alongside taxes, legal fees and other purchase expenses.
According to the study, between 30% and 31% of the total upfront savings required is now being swallowed up purely by taxes and formalisation costs rather than the property purchase itself.
Mariola Municio said the findings show there are “thousands of potential buyers” who remain locked out of the housing market despite being financially solvent enough to manage mortgage payments.
The study concludes that easier access to mortgage finance will be essential if Spain hopes to improve access to housing and lower the country’s high average age of emancipation among young adults.
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