The price of second-hand housing in the Canaries has risen 1% in the first quarter of the year and to stand at €1,398.15/m2 in March, a figure that is 16% below the Spanish average, which in March stood at € 1,664.15/m2, according to data from the Real Estate Index fotocasa.
“For the sixth consecutive month, the Fotocasa Index recorded a year-on-year rise in prices during March, reflecting the normalisation of housing costs after a very deep crisis. But this recovery is occurring in some areas, such as Madrid , Catalunya, the islands and points along the Mediterranean coast who are recording price increases, [however] in many parts of the country the red numbers continue”, explained Beatriz Toribio, of fotocasa.
The Canary Islands stand in sixth place in the ranking of Spain’s most economic autonomous communities in which to buy a house.
The Canary Islands reached maximum historical average house prices in May 2007 when the average value stood at €2,155/m2. Compared to those heady days prices have remain 35.1% lower than the top of the boom times.