2024 Real Estate Market Outlook for the islands and beyond

The real estate market in the Canary Islands, like many other regions, had been impacted recently with inflationary pressures and rising interest rates. However, following the pandemic there has been a huge surge in tourism, which has shown the robust nature of the market and evidence suggests it will remain buoyant for the foreseeable future.

One of the key drivers of the real estate market in the Canary Islands is tourism, and with the region being a popular destination for not only Europeans, but other continents. The lifting of travel restrictions has lead to increased demand for vacation homes and rental properties. This is especially true for luxury properties that offer a unique living experience and are situated in picturesque locations.

Additionally, the ongoing trend towards remote work is expected to continue, with more individuals and families looking for properties that offer ample space, high-speed internet, and other amenities that make remote work comfortable and productive. This trend is expected to drive demand for larger homes with outdoor space and home offices.

Another factor that is expected to shape the real estate market in the Canary Islands and beyond is sustainability. Consumers are becoming more conscious of their environmental impact, and developers and builders are responding by incorporating green technologies and design features into their projects. Properties that are eco-friendly, energy-efficient, and incorporate sustainable design principles are expected to command a premium in the market.

Overall, experts predict that the market will remain strong in 2024 and beyond, driven by factors such as tourism, remote work, sustainability, and low supply.

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