The Canary Islands are located in and surrounded by the Atlantic Ocean. The nearest mainland is 100 km away, and that's not the coast of Spain, but the coast of Morocco. The islands are unique in their own way; their subtropical climate and volcanic landscapes attract investors and those who dream of living by the ocean. As a result, real estate sales in the Canary Islands are growing, with over a third of all transactions being conducted by foreigners.
The benefits of buying property in the Canary Islands
Buying real estate in the Canary Islands as a foreigner is quite simple — you just need to obtain an NIE and open a local bank account. The advantages of property for sale in the Canary Islands:
- Favorable climate. The average annual temperature in the Canary Islands is 22–24 °C, with fluctuations ranging from 18–26 °C.
- Rental income. The Canary Islands attract 14 million tourists annually, generating short-term rental income of up to 8–10% per annum.
- Legal transparency. Spain, as an EU member, offers clear procedures for foreigners to purchase real estate, including obtaining a NIE (foreigner identification number) in 1–2 weeks.
Property prices in the Canary Islands
The average price of housing in the Canary Islands ranges from €1,800 to €4,500 per square meter. For example, in the exclusive area of Costa Adeje (Tenerife), a square meter in a new building costs around €4,000, while in Puerto de la Cruz it's €1,500 to €2,000. Resale properties are 15-20% cheaper.
Average real estate prices in the Canary Islands:
| Property type |
Average price (€) |
Example of a district |
| Apartments (1-2 bedrooms) |
90,000–250,000 |
Los Cristianos, Santa Cruz de Tenerife |
| Townhouses |
200,000–500,000 |
Costa Adeje, Mogan |
| Villas |
500,000–3,000,000 |
Costa Adeje, Puerto Rico |
| Land plots |
50,000–600,000 |
Lanzarote, Fuerteventura |
Popular areas to buy a home in the Canary Islands
The most sought-after real estate is in Costa Adeje (Tenerife), an elite area in the south of the island. Apartments here can be purchased for €250,000, while villas start at €800,000.
Other popular areas:
- Los Cristianos (Tenerife). A family resort with affordable accommodation starting from €100,000.
- Puerto de la Cruz (Tenerife). A northern city with a more humid climate and lush greenery. Apartments on secondary market in Puerto de la Cruz cost from 80,000 euros, houses - from 250,000 euros.
- Mogan (Gran Canaria). A picturesque port city, often called "Little Venice" due to its abundance of canals. Prices for townhouses start at €220,000, and for villas at €600,000.
- Caleta de Fuste (Fuerteventura). A surfing area. Apartments by the sea start at €120,000, and building plots start at €60,000.
