LauraRecent reports have shown that the Canary Islands have been growing in popularity this winter. Trivago, the hotel search engine, has reported that hotel searches for the Canary Islands increased by 95% this season, compared to the previous year. Holiday Hypermarket has also confirmed that they have received 72% more bookings for the Canaries as a whole than a year ago.

 

The islands have long been popular with British tourists and second home buyers, thanks to their proximity to the UK (just over four hours by plane), the 3,000 hours of sunshine and 4,800 hours of daylight per year. However, Martin Dell, Director of Spanish property portal Kyero.com, explains that it’s not just the natural factors that have people flocking to the islands off the North West coast of Africa:

“The Canaries are known for offering some of the clearest skies in the world, with thermal inversion and trade winds deterring cloud formation, but that's not the only reason that visitors can enjoy such open blue skies. The Law for the Protection of the Astronomical Quality for the Conservatives of the Canary Islands Astrophysics Institute controls a number of factors, including light pollution and flight routes. The result is a huge expanse of deep blue sky, which is best enjoyed from the comfort of a sun lounger, with an ice cold drink in hand.”

This certainly accounts for the rising popularity of the archipelago, and Spain’s Ministry of Development has confirmed that foreign buyers accounted for 30% of all property buyers in 2015 – compared to the 18% they represent in Spain as a whole.

Of course, the growing reputation of the Canary Islands has had a sizeable effect on property prices there; average prices in Santa Cruz de Tenerife rose by 7.56% in the year to October 2015, while in Palmas de Gran Canaria, this increase was a more dramatic 26.09% in the same period. These may be sizeable increases, but the average property price figures themselves are still far lower than you would find in the UK. A two bedroom apartment with a pool in Gran Canaria can cost anything from €83,000, while the same property in Tenerife can cost from as low as €54,500.

With this growing popularity, we would expect property prices on the islands to continue rising over the next couple of years, which makes Fuerteventura an ideal consideration for investment in the coming months, as it potentially follows in Tenerife and Gran Canaria’s footsteps in the near future.

“We are seeing more and more British homebuyers here,” comments Laura Richards, Country Specialist for SpainBuyingGuide.com. “Corralejo, at the northernmost tip of Fuerteventura, is the most popular area with British expats and property buyers, closely followed by Caleta de Fuste.

With the property market in the Canaries clearly on the up, it will be interesting to see how many more Brits make the move to a new life in Fuerte, in the coming year, and how long it will be possible to bag a bargain.”

Written for Fuertenews.com by Laura Richards, country specialist at SpainBuyingGuide.com

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