Foreign Buyers Account for 25% of Home Sales in Tenerife in 2024

In 2024, the province of Santa Cruz de Tenerife witnessed a significant influx of foreign buyers in the housing market.

Foreign Investment Trends in Tenerife

According to Alberto Martínez Lacambra, the General Director of the Technological Centre of the Notariat, half of the homes sold in this province were purchased by foreigners, with non-residents accounting for 25% of these transactions. This data, derived from the Unique Computerised Notarial Index, highlights a growing trend of foreign investment in the Canary Islands, where non-resident foreigners (19.4%) now surpass resident buyers (16.7%).

Impact of Foreign Demand on Local Housing Market

Currently, approximately 40% of homes in Tenerife are acquired by foreign buyers. This statistic was revealed during the introduction of the Statistical Portal of the Notariat, which provides insights into actual housing prices based on sale deeds. Martínez noted that in 2007, during a peak in housing prices in Spain, the share of foreign buyers in the Canary Islands was only 14%, compared to 7.5% nationwide. Following a decline in prices in 2013, the percentage of foreign homebuyers surged to 48.8%, and as of September 2025, it has stabilized at 36%.

Demographics of Foreign Buyers

Santa Cruz de Tenerife is among the provinces experiencing heightened demand from foreign homebuyers, alongside regions such as the Balearic Islands, Alicante, and Málaga. From 2007 to September 2025, 35.16% of home purchases in the Canary Islands were made by foreigners, with the largest groups being Italians (17.99%), Germans (16.15%), and British buyers (15.18%).

National Context of Foreign Home Purchases

On a national scale, the proportion of homes bought by foreigners from 2007 to September 2025 stands at 17.11%. Within this group, British buyers represent 14.25%, followed by Germans at 7.49% and French buyers at 7.36%.

Challenges for Young Buyers in the Market

Martínez expressed concerns regarding the challenges faced by younger buyers in the Canary Islands, describing the market as exclusive for individuals aged 18 to 30. In 2007, this age group accounted for 21.6% of home purchases in the archipelago, a figure that has dramatically decreased to just 6.5% today, compared to 9-10% nationwide.

Stricter Access to Housing Since 2013

The General Director explained that the period from 2007 to 2012 was characterized by a more inclusive housing market for young buyers. However, since 2013, stricter bank credit policies have made it increasingly difficult for this demographic to enter the housing market. Martínez warned that without intervention, young buyers may soon be categorized as individuals aged 18 to 50.

Rising Housing Prices in the Canary Islands

Martínez reported that housing prices in the Canary Islands have surged by 94% since 2014, significantly outpacing household income growth by over 30 points compared to 2013. He noted that when compared to 2007, the perception of price increases might appear more manageable.

Price Trends Across Regions

The average price per square meter for multi-family housing in the Canary Islands currently stands at €2,293, higher than the national average of €2,166. In the province of Las Palmas, prices have reached €2,166, reflecting a 22% increase since 2007 and an 83% increase since 2014, which was marked by the lowest prices.

Santa Cruz de Tenerife’s Notable Price Increases

In Santa Cruz de Tenerife, the price per square meter has escalated by 107% from 2014 to September 2025, rising from €1,737 to €2,431. Martínez highlighted that the nominal values of housing have now surpassed those recorded in 2007, a milestone achieved in the Canary Islands in 2022.

Comparative Housing Costs and Inflation

The Canary Islands rank among the regions with the highest housing prices in Spain, alongside the Balearic Islands, Madrid, the Basque Country, Catalonia, and Navarre. While acknowledging the issue of affordability, Martínez emphasized that housing is currently viewed as expensive compared to 2013, which saw a 65% increase by 2025. When adjusted for inflation, the real cost of housing today is 27% lower than in 2007. Martínez concluded by stating that there is a critical shortage of new housing supply, indicating a need for increased construction.

Key points

• 50% of homes sold in Santa Cruz de Tenerife in 2024 were purchased by foreigners.
• 25% of home sales were made by non-residents.
• Non-resident foreigners outnumber resident buyers in the Canary Islands.
• 40% of homes in Tenerife are bought by foreigners.
• Housing prices in the Canary Islands have increased by 94% since 2014.
• Young buyers aged 18 to 30 represent only 6.5% of the market today.
• The average price per square meter in the Canary Islands is €2,293.