Property prices in Canaries have started rising again

Property prices in Canaries have started rising again

Property prices in the Canaries peaked in 2007, and plummeted between 20% and 50% over the next several years, bottoming out in 2010. They trundled along the bottom for a few years, not least because the banks were told to get rid of the property they had accumulated through repossessions, and were doing so at fire sale prices, but also because of Spain’s economic crisis generally. By 2014, all the indications were that the property market had reached rock bottom, the only question being how long it would stay there for, and when it would start to recover. And it seems that the recovery has at last started, with the latest Property Price Index from the National Statistics Institute  showing prices rising nearly 3% in 2017 confirming a 3% rise in 2016 as well. There is hardly any chance that this will turn into another bubble, but it is positive news for anyone who has been hoping to see evidence that the property market here has finally turned the corner.

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