With regards to the number of permits granted for the construction of new urban projects, the Canary Islands are lagging behind many other Spanish destinations. In fact, while the national average will touch 26%, the archipelago will remain at 5%. However, this data doesn't have to be such a bad thing.
It is the resale homes that are currently the main players of the national real estate market. This is exactly what has happened in the Canary Islands. In addition, it must be noted that, for obvious reasons, the possibility of building new properties on any of the islands that make up the archipelago is a complicated task. This is why property investment tends to be especially profitable on these islands.
Why do foreigners choose the Canary Islands?
When it comes to buying homes in the Canary Islands, the increase in property prices is one of the main reasons that attracts foreigners. In fact, some of these buyers choose to buy their second homes in the islands of Tenerife, Las Palmas, Lanzarote and Fuerteventura. By doing so, they will have a place to go to during their holidays and, if they want, they can sell the property for a much higher price than what they originally paid for it.
Keep in mind that the tourist attractions of Canary Islands have already proven to be imperishable. In fact, the archipelago has been present in the tourist industry for decades. The beauty of its landscapes, the quality of its beaches, the great atmosphere and, above all, the good weather, are the features that make it an absolutely idyllic destination to own a home in.
For all these reasons, it is not surprising that more and more real estate agencies and entrepreneurs are embarking on taking advantage of the current market situation. The same goes for Engel & Völkers, which at the moment has licenses available in Las Palmas de Gran Canaria, Fuerteventura, Lanzarote and Tenerife. It is, without a doubt, a unique opportunity.