Latest news from the Canary Island real estate market.

The Canary Islands are suffering from a remarkable lack of properties for rent, which is causing an increase in new buildings and inviting many investors to buy a house in the Canary Islands, record numbers of trades over the Spanish national average. The National Institute of statistics (INE) has published a survey whose data confirm this trend in the real estate market in the archipelago. Sold 6,373 properties only in the first quarter of 2018, an increase of 20% compared to 2017. Between January and March, there were around 70 operations every day to buy a Canarian House, 12 more than the previous year. In a total count, according to the statistics of the INE on the transmission of property rights, in the first quarter more than 1,0000 transactions in the first quarter in comparison closed with 2017. Speaking of numbers, the 128,348 properties were sold. The figure for 2017 was 114.965. 1333 were sold in the Canary Islands, houses from January to July, compared to 2017, one 22% increase. The properties of second hand (used) are 17.8%, 5.040 more than the previous year, according to data from the INE.

For this year, expected housing prices to rise by an average of 5%, doubling the growth of 2017, also estimated by BBVA Research and published in its journal Situation Real Estate Spain. There are positive forecasts even at the level of banking transactions. He is expected to reach 570,000 transactions with an increase of 7% compared to last year. While forecasts have made forecasts, probably a + 15% compared to 2017, will be signed close to 93,000.

Making assumptions in the long run, it is thought that in the next ten years the potential demand for real estate will grow between 1 million and 1.5 million, which means each year an average increase of between 95,000 and 135,000 home sales.