Property prices in the Canary Islands rise for 49 consecutive quarters

Property prices in the Canary Islands rose by 11 per cent year-on-year in the second quarter. This is according to data published on Monday by the National Statistics Institute (INE). On average across Spain, residential property prices rose by as much as 12.2 per cent.

On an annual basis, prices therefore rose at a slower rate. Growth fell by seven-tenths of a percentage point. The last time such a low figure was recorded was in the first quarter of 2025, when growth of ‚only‘ 12.2 per cent was also reported.

This marks the 49th consecutive quarter of year-on-year growth in property prices in the Canary Islands. That is a run of just over twelve years. The first quarter of this year ended with a rise of 12.9 per cent, whilst 2025 as a whole saw an average increase of 12.7 per cent. In terms of price per square metre, the Canary Islands even broke a historic record.

Price per square metre in the Canary Islands exceeds 3,000 euros for the first time

With an 11 per cent rise in property prices, the Canary Islands remain below the national average but are still at a high level. Prices rose less sharply only in Catalonia (10.1 per cent), the Basque Country (10 per cent) and Navarre (9.5 per cent), the only region without double-digit growth. The sharpest rises in the prices of flats and houses were recorded in Ceuta (15.2 per cent), Asturias (15 per cent) and Castile and León (14.8 per cent).

In the second quarter, the price per square metre in the Canary Islands stood at 3,052 euros, exceeding the 3,000-euro mark for the first time. The ranking within the archipelago had already shifted in the first quarter. The province of Santa Cruz de Tenerife replaced Las Palmas as the most expensive province in the Canary Islands for property purchases. At €2,264.70 per square metre, this represented a 15.7 per cent increase over the course of a year.

Existing properties across Spain became 12.9 per cent more expensive. This was six tenths of a percentage point less than in the previous quarter and the lowest figure seen for a year. In each of the three preceding quarters, the rate had been more than 13 per cent. New-build properties cost 7.4 per cent more than a year earlier, which was 1.7 percentage points lower than in the previous quarter. This was the lowest rate since the first quarter of 2023.

Estate agents in the Canary Islands cite a shortage of properties against a backdrop of steadily rising demand. This is making everyday life increasingly difficult, particularly for young people and low-income households.

Canary Islands: Property prices continue to rise unabated

Compared with the first quarter, prices rose by 3.4 per cent, which was one-tenth of a percentage point less than previously. Existing flats became 3.7 per cent more expensive. This is two-tenths of a percentage point higher than in the previous quarter and also represents the highest figure since the second quarter of 2025, when the increase was 4.2 per cent. For new-build properties, the increase stood at one per cent, following 3.5 per cent in the previous quarter. This marked the lowest growth rate since the third quarter of 2025, at 0.6 per cent.

Since the start of the year, residential property prices in Spain have risen by seven per cent, with existing properties up by 7.4 per cent and new-builds by 4.6 per cent. The valuation service «Tinsa» recorded a year-on-year increase of 15.2 per cent in the second quarter. This was the sharpest rise since mid-2006.