New construction is consolidating in the Canary Islands with more than 2,800 dwellings in development
8 Mar 2022
- The main developers investing in the Spanish archipelago are Metrovacesa, Habitat Inmobiliaria, Avantespacia and Sol Canario.
- Currently, a 122 square metre house costs an average of €299,710.
- Gran Canaria accounts for almost 80% of all new-build housing on the islands.
Island life has always been an attractive option for second homes and retirements, but the flexibility of work brought about by COVID has sparked new interest in this destination.
Are the Canary Islands also attractive for developers? How many homes are currently on the market? Activum, consultancy real estate, has developed a study that analyses the current supply of new construction in the Canary Islands.
Currently, more than 2,820 new-build homes in the Canary Islands with an average price of 299,710 for 122 square metres.
Promoters such as Metrovacesa and Habitat Inmobiliaria are putting the spotlight on the islands. At the moment, Metrovacesa is building seven developments (of about 500 dwellings) and Habitat Inmobiliaria four more (almost 400 homes). For its part, Avantespacia plans to develop 240 new homes, Sol Canario 175 homes and Construcciones Acosta Matos 143 homes.
Source: Activum.co.uk a 01/2022. In order to draw up the ranking, the developments advertised on portals have been taken into account. and on the websites of the developers studied..
Gran Canaria: the favourite island for developers
Gran Canariawhich accounts for 80% of the current new-build supply, is the star destination for investment in new housing developments:
2,110 homes are marketed on this island with a total of 44 developments. In terms of volume of supply, Gran Canaria is followed by Tenerife, which has 557 housing and Fuerteventura with 116, Lanzarote offers 37 housing. On the contrary, La Palma, La Gomera, El Hierro and La Graciosa do not have a supply of new-build housing.
Source: Activum.co.uk a 01/2022. In order to draw up the ranking, the developments advertised on portals have been taken into account. and on the websites of the developers studied.
Regarding the average price of these dwellings, Gran Canaria has an average price of 280,475 for a 122 sqm house with 3 bedrooms; in Lanzarote costs about 319,667€ and in Tenerife around 355,273€.
