The power of winter sun
Kyero’s October report shows foreign buyers went sun chasing in October, with the Canaries now trending.
Asking prices and buyer demand were largely unchanged on September, but the Canary Islands have made a big appearance in our Trending destinations list.
This is an annual pattern, but it comes at the end of a particularly good year for the Canaries. The Ministry of Development (Fomento) just reported a healthy rise in foreign sales, particularly in Tenerife where half of all house sales in Q2 2016 went to international buyers.
According to the official House Price Index, the Canaries are now one of the most recovered regions in Spain. Prices fell less sharply and recovered much more steadily here than in the roller coaster markets of Madrid and Barcelona.
By comparison, the islands offer a haven for risk-averse international investors.
British buyers continue to dominate demand in Lanzarote, but Kyero’s October data shows the Italians may be about to permanently overtake them as the dominant buyers in Tenerife, Gran Canaria and Fuerteventura.
Latest asking prices
Kyero’s median asking price rose slightly in October to €245,000 and the adjusted annual trend shows prices are now up 5.6% in the past 12 months. These calculations are based on 214,362 residential properties for sale listed at Kyero.com.