I’m considering buying a property in south Lanzarote or mid Fuerteventura to rent out for four years before retiring there. The rent is not the major issue, buying whilst it is still affordable is. However, researching this site seems to suggest that growth in the Canaries is going to be poor in comparison with the rest of Spain, and even UK. Does anyone have a view on this?
I’m not sure how you got the impression from this website that property in The Canaries is due to perform poorly compared to the rest of Spain. In fact I take quite the opposite view.
It is true that compared to all the other coastal areas of Spain the property market in the Canaries has been subdued over the last few years. Whereas average national prices have increased by 82% in just under 4 years the Canaries are only up 42% over the same period. In fact the Canaries as a region has had the lowest level of property price increases during this period in all of Spain. Some of this can be explained by the fact that the german buyer largely disapeared over this period, as they did in Mallorca, but in the case of the Canaries the British didn’t move in to the same extent to take their place.
I think that relative to other coastal areas the Canaries now offer some of the best value in all of Spain. According to the latest government figures property prices are now more than 10% below the national Spanish average whereas historically the Canaries were always more expensive than the average (the tables turned at the beginning of 2003) We should never forget that the Canaries represent the only truly winter sunshine destination in all of Europe.
I hope that helps.
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