The most expensive street to buy a property in the Canary Islands is in the south of Tenerife, where homes are being advertised for an average of almost €6 million each.

Avenida de la Macaronesia, in Costa Adeje, has been named the most expensive address in the archipelago in a new analysis of Spain's luxury property market by property portal Idealista.

Homes currently advertised on the street have an average asking price of €5.95 million, placing this part of southern Tenerife firmly among Spain's most exclusive residential locations.

The figures are based on sellers advertised prices rather than the final amounts properties achieve when they are sold.

Tenerife competing with Spain's luxury hotspots

Avenida de la Macaronesia is located in La Caleta, an area of Costa Adeje which has developed into one of Tenerife's most prestigious residential and holiday destinations.

Its €5.95 million average puts it on a similar level to some of the most exclusive addresses in Barcelona.

For example, Calle del Tibidabo in Barcelona has an average asking price of €5.98 million, just €30,000 higher than Avenida de la Macaronesia. However, Spain's most expensive residential streets are considerably more costly.

At the top of the national ranking is Camino del Salinar in Andratx, Mallorca, where properties are advertised for an average of an extraordinary €15 million.

Second is Paseo de los Lagos in the exclusive La Finca development in Pozuelo de Alarcón, Madrid, where the average is around €11 million.

The Coto Zagaleta development in Benahavís, near Marbella on the Costa del Sol, follows with an average asking price of approximately €10.5 million.

The figures also place the Canary Islands among just eight Spanish autonomous communities where the average property price on their most expensive street exceeds €1 million.

Costa Adeje's luxury property boom

The ranking further highlights the strength of the luxury property market in southern Tenerife, particularly around Costa Adeje.

Areas including La Caleta have seen extensive development at the premium end of the market, with modern villas and luxury developments aimed at wealthy international and domestic buyers.

And while Tenerife may be famous for year-round sunshine and package holidays, buyers looking for a home on the Canary Islands' most expensive street will need considerably more than the average holiday budget.