The south of Gran Canaria will close the year with more than 2,000 property sales transactions.
The average sales time is around 4 months, a 25% reduction compared to the previous year
If you have a property in the south of Gran Canaria and you want to sell it, this is one of the best times. The property market is more active than ever.
The rise in interest rates has not affected the sale of properties as it has on the mainland, and the ECB’s predicted fall in interest rates between 2024 and 2025 means that the market will continue to be very active.
At present, low supply and high demand make this one of the best times to sell a property.
The average selling time has been reduced by 25% and the price per square metre has reached post-pandemic figures, increasing by an average of 3.74% across the province.
The year 2023 will close with more than 2,000 transactions, according to sector forecasts and with an increase of 6.57% in the last quarter.
Evolution of the real estate market
According to data from the INE, the Land Registry and the General Council of Notaries, in the municipality of Mogán there were 1,027 property sales and purchases in 2023, which represents an increase of 11.8% over the previous year.
The majority of the transactions were for second-hand properties (982), while there were only 45 new properties.
These sources also indicate that in the municipality of San Bartolomé de Tirajana there were 1,101 property sales and purchases in 2023, which represents an increase of 14.6% over the previous year.
The majority of the transactions were for second-hand homes (1,032) while new homes accounted for only 69.
High demand from international buyers
The south of Gran Canaria is one of the most attractive and touristic areas of the country, with a privileged climate, spectacular beaches and a wide range of leisure and services.
The property market in the south of Gran Canaria is very active.
It is not surprising that it is one of the most sought after areas by buyers, both national and foreign.
Almost 35% of buyers were of other nationalities, mainly from Scandinavia, Germany, UK, Italy and Netherlands.
In the case of nationalities such as Norwegians, the current exchange rate favours the sale as they will get more Norwegian kroner per euro.
Significant increase in demand for housing
The south of Gran Canaria recorded a significant increase in the demand for housing in the first half of 2023, compared to the same period of the previous year, exceeding 25% in some areas, according to data from the National Institute of Statistics, the electronic headquarters of the Cadastre, the Ministry of Development and various real estate portals.
Most demanded properties in the south of Gran Canaria
The most sought-after properties in the south of Gran Canaria are luxury villas, bungalows and flats, especially in the areas of Arguineguín, Tauro or Maspalomas.
The average price per square metre of these properties varies according to location, size, characteristics and state of conservation.
For example, according to data from Idealista, in municipalities such as Mogán the average price per square metre is 3,327 €/m with an annual variation of 8.7%.
According to the analysis by areas, flats in Arguineguín have an average price of 3,276 €/m².
This area reflects very well the scarce supply, only 7.8% of the properties were for sale in September, compared to an average demand of more than 25% depending on the type of property.
In the Tauro area, the price reaches 3,649 €/m² and in Puerto Rico, 3,254 €/m².
In San Bartolomé de Tirajana, the average price per square metre has risen from 3,370 in January 2023 to 3,689 €/m² in November of this year.
In Maspalomas, the square metre has marked its maximum in September at a value of 3,851 €, in Playa del Inglés these figures are exceeded, reaching 4,444 €/m² and in Meloneras, 3,959 €/m².
According to the National Statistics Institute’s house price statistics, the average price of free housing varied by 4.54% in the second quarter of 2023.
By type of housing, the price of second-hand homes experienced a change of 3.74% year-on-year compared to a 13.98% change for new homes in relation to the same period in 2022 on average across the island.
These rates are exceeded in many areas in the south of Gran Canaria, especially in the towns of Mogán and San Bartolomé de Tirajana.
Average selling time has been reduced
Given this market situation of high demand and low supply, the average time to sell is around 4 months, which is a reduction of 25% compared to the previous year.
This means that there is a great opportunity for owners who want to sell their property in the south of Gran Canaria, as there is a shortage of supply and high competition among buyers, which translates into better prices and sales conditions.
Report on the situation of the real estate market in your area
If you would like to receive a report on the situation of the property market in your area, from Cárdenas Real Estate, all you have to do is subscribe to our market report mailing list and we will send it to you free of charge.
In this report you will find updated and detailed information about prices, demand, supply and trends of the real estate market in the different areas of the south of Gran Canaria.
This report is very important if you want to sell your property, as it will allow you to know the reality of the market and make the best decisions to get the best possible price.
It will also help you to avoid common mistakes that can delay or hinder the sale, such as setting the price too high or too low, not preparing the property for sale, not advertising the property properly, etc.
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