Although the Canary Islands as a region have had a slight increase in house prices (1.7%) since December 2019, there has been a sharp decline in prices in the tourist areas south of Gran Canaria. Before the pandemic, there was a strong rise in prices, which means that the fall of those will be all the greater.
On average, the fall in house prices has been 15% in the south of Gran Canaria, with lower price falls in attractive areas with greater demand and fewer offers, explains Carolina Garcia Chagrin at Cardenas Real Estate.
Nevertheless, there has been little willingness among home sellers to reduce prices. At Cardenas Real Estate, we closely monitor sales prices and recommend customers to adjust prices according to the market. For those planning to invest in real estate in Gran Canaria, this may be a good time to buy.
Rental prices have also fallen moderately, but the willingness of owners to lower prices has been weak. Long-term rental prices have fallen by 3.5%.
The pandemic has led to a large increase in virtual views, so that any buyers can get full information without a physical presence. As in Norway, home offices have also become increasingly common, which we believe will provide great benefits for the real estate sector in Gran Canaria. Why not have your home office in sunny Gran Canaria?