The average price of a 90-square-metre home in the Canary Islands has increased by €69,000 over the past five years, going from €147,029 in 2019 to €216,038 at the end of 2024.
This represents a 46.94% rise, according to data from the property portal pisos.com.
This rate of increase surpasses the national average, where housing prices have risen by 36.36% during the same period. Across Spain, the average price for a comparable home grew by €60,000, from €163,631 in 2019 to €223,122 in 2024.
According to Ferrán Font, director of studies at pisos.com, the surge in property prices highlights the structural imbalances in Spain’s property market, where demand consistently outweighs supply.
Among Spain’s regions, Madrid has seen the steepest rise in housing prices, with a 61% increase, followed by the Balearic Islands (55.50%), the Valencian Community (55.25%), Murcia (47.20%), and then the Canary Islands (46.94%).
In absolute terms, the Balearic Islands and Madrid lead the rankings as the most expensive provinces, with average home prices reaching €443,817 and €411,064, respectively. Other high-priced provinces include Gipuzkoa (€336,849), Málaga (€317,510), and Barcelona (€305,150).
Conversely, the least expensive provinces, all part of Spain’s so-called "empy Spain," include Ciudad Real (€67,500), Jaén (€74,071), Cuenca (€75,960), Teruel (€82,530), and Badajoz (€82,714), with average prices below €100,000.
Among provincial capitals, Málaga has experienced the sharpest price increase since 2019. Housing prices there have risen by almost 80%, equating to an additional €150,000 on average.
The Canary Islands’ Housing Challenge
The Canary Islands’ housing market reflects the national trend of rising prices driven by high demand and limited supply. This 47% increase in prices places the region among the top five in Spain for housing inflation.
This rapid rise is putting additional pressure on residents, particularly those with limited financial resources, and highlights the urgent need for measures to address housing affordability.
With prices continuing to climb, the question of how to balance demand with accessible housing options remains a critical issue for policymakers and developers alike.
