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Foreigners prefer the Canary Islands for buying property

May 18, 2023
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When it comes to buying houses in Spain, foreigners continue to prefer the Canary Islands. This is clear from the latest data from the Real Estate Register Statistics.

The increase in demand is a sign of the good health of the real estate sector in the archipelago. And that it is a good time to invest in the purchase of a home on one of the islands.

English, Germans and Italians are the most interested

Last year, the Canary Islands were the second most popular Spanish autonomous community for foreigners when it came to buying property. Only the Balearic Islands were slightly ahead. This is reflected in the 2022 Yearbook of Real Estate Registry Statistics. This includes the participation of practically all the Spanish Property Registries. And this, in turn, is made up of around 1,100 offices distributed throughout the country. In other words, the information it collects is very significant.

Foreigners acquired 13.8% of the housing in Spain in 2022. A figure above the 10.8% of 2021. These percentages break with the decreasing trend that has been occurring in recent years.

The list of autonomous communities preferred by this type of buyer is headed by the Balearic Islands, with 34.4%. It is followed by the Canary Islands, with 28.6%. Behind them are the Valencian Community, with 26.8%, and Murcia, with 19.1%.

The United Kingdom and Germany lead the ranking of nationalities with the greatest interest in buying property in Spain. Apart from their citizens, Germans also lead this trend. And many of them choose to buy a residence in the Canary Islands. Italians also show a high interest in the real estate sector of the archipelago.

All this makes buying a property in the Canary Islands a recommendable investment at the moment. And it is especially so in Fuerteventura.

Owning a house on Fuerteventura: a good investment

Many of the reasons for the interest in Fuerteventura are well known to everyone. The mild and pleasant climate all year round invites you to escape from the cold and wet winters of Europe. The impressive variety of natural landscapes. This facilitates the practice of a wide range of outdoor activities. From water sports to hiking and cycling. Not forgetting the laid-back, relaxed lifestyle. And a rich and diverse culture that includes an exceptional gastronomy. This is an island where life is really good.

Apart from the above and other reasons, there is a clear economic motivation. The Canaries offer an attractive investment opportunity. These are the main factors influencing this:

  • Property prices are relatively low compared to other parts of Europe. This is partly due to the recovery of the property market.
  • The archipelago is a popular destination. And it is a year-round destination. This means that properties can easily be rented as holiday accommodation at any time of the year. Even in winter. Especially those close to the coast. In any case, this will bring the property owner an interesting additional income.
  • The Canarian government offers special tax incentives. The archipelago has a different tax system to the rest of Spain. VAT is not applied, but IGIC (Impuesto General Indirecto Canario), with lower general tax rates.

Luxury villas by the sea

It is clear that, whichever way you look at it, buying a property in the Canary Islands is an investment for the future. At present, the archipelago in general, and Fuerteventura in particular, offer an attractive investment opportunity. And, for the moment, there is no indication that this is going to change.

Fuerteventura has some truly privileged areas. Such as the Casilla de Costa development. It is very close to some of the most spectacular beaches in Europe. And the most picturesque villages on the island. Its villas will provide you with nature, luxury, tranquillity, privacy, comfort and security. Get to know them. Call us on +34 91 630 70 94, email us to info@casilladecosta.com, or fill in this simple form, and we will contact you as soon as possible.

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