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Price of properties in the Canary Islands rises by 4.5%

The price of property in the Canary Islands during the third quarter of 2017 has grown by 4.5 per cent over the same period in the previous year. In addition, taking into account the data on the remaining quarters of 2017, the increase was 0.9 per cent higher. This is undoubtedly very interesting data provided by the National Institute of Statistics (INE) for investors in real estate.

According to the same study, the increase in property value during the third quarter of the year has occurred in both resale and new-built homes. However, those that have already been built were at a higher price with a 4.6 per cent rise, while the figure for the off-plan properties remained at 4 per cent.

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If the data is compared with the previous quarter, that is, between April and June 2017, it is possible to verify how average prices also grew considerably more. In fact, the increase, in percentage terms, was 1 point in the case of resales, while in the new builds, it was 0.6.

These figures, however, still do not reach national averages, although it is true that within a short time, they are even expected to exceed them. Based on the data provided by the recent INE study, the price of property in July to September, regardless of whether it is a resale or new-build, was 6.7 per cent compared to the same year in 2016.

As always, it is important to clarify between new-build and resale properties. The growth in resales was 6.7 per cent, while the newly built or off-plan properties remained at 6.5 per cent. This indicates that the market for new-builds, which was the most affected by the economic crisis that started to plague our country a decade ago, is starting to pick up.

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This rebound has resulted in Engel & Völkers, the leading real estate company throughout Europe, to set its sights on the Canary Islands by deciding to strongly consider the potential in this region. So much so that, at the moment, E&V is offering licenses to open company franchises in the islands of Lanzarote, Fuerteventura, Gran Canaria and Tenerife. This is undoubtedly a unique business opportunity for those people who are keeping an eye on the recovery of the real estate market within the archipelago region and, in general, the entire Spain.

Engel & Völkers

Avda. Diagonal 640, 6ª planta A
08017 Barcelona Spain

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