canary islands property prices surge 2026

Canary Islands property prices surge as demand outstrips supply

Property prices keep climbing in the Canary Islands

House prices are continuing their upward trajectory across Spain, and the Canary Islands are no exception. In the first quarter of the year, the average assessed value of housing nationwide reached €2,315.7 per square metre, an increase of close to 14%, according to the latest statistics from the Ministry of Housing and Urban Agenda.

Santa Cruz de Tenerife leads the archipelago

In the Canary Islands, Santa Cruz de Tenerife has become the priciest province in which to buy a home, with an average price of €2,264.7 per square metre. This represents a year-on-year increase of 15.7%. Not far behind is Las Palmas, where the assessed value of housing stands at €2,203 per square metre, up 11.5% compared with the same period last year. That leaves a difference of €61.7 per square metre between the two provinces. In practical terms, buying an 80-square-metre property would cost around €4,936 more in Santa Cruz de Tenerife than in Las Palmas, based on these average values.

Despite the gap, both Canary Island provinces are now hovering above the €2,200 per square metre mark, bringing them close to the national average of €2,315.7. The data underscores the pressure building in the islands’ residential market, where housing has risen sharply over the past year. The increase has been more pronounced in Santa Cruz de Tenerife, where prices surged by 15.7%, compared with 11.5% in Las Palmas. In both cases, escalating prices are being driven by a mismatch between available supply and growing demand.

National picture: the most and least expensive provinces

Nationally, the most expensive provinces for buying a home remain Madrid, the Balearic Islands, Guipúzcoa, Barcelona and Málaga. Madrid is the only province to break through the €4,000 per square metre barrier, with an average of €4,047.5. It is followed by the Balearic Islands (€3,885.6), Guipúzcoa (€3,419.7), Barcelona (€3,207.7) and Málaga (€2,988).

In the Valencian Community, Alicante was the most expensive province at €1,991.7 per square metre (up 15.7%), closely followed by Valencia. In Navarre, the assessed value of housing reached €1,934.3 per square metre, a rise of 12.5%. In Aragon, Zaragoza saw the biggest increase at 16%, taking prices to €1,905 per square metre, while the cheapest province was Teruel at just over €1,000 (€1,003.8).

In Galicia, prices across the provinces are very similar, although Pontevedra leads the way at €1,784.5 per square metre (up 14%), ahead of A Coruña (€1,710.7, up 13.8%). Asturias reached €1,752.2 per square metre (up 15.4%), while in Castilla-La Mancha the most expensive is Guadalajara at €1,670.8 per square metre (up 14.5%) and the cheapest is Ciudad Real at €827.5 (up 10.7%). Cuenca remains below €1,000 per square metre.

In Castilla y León, prices across provinces are similar, with the highest in Segovia at €1,479.4 (up 19.1%) and the lowest in Zamora at €933.7 (up 9.7%). In La Rioja, prices reached €1,440 (up 10.5%), and in Murcia €1,330.2 (up 13.4%). The lowest prices in Spain are found in Extremadura, where both provinces remain below €1,000 per square metre: Badajoz at €987.5 (up 5%) and Cáceres at €946.8 (up 8.1%).

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