Real estate in Tenerife is popular among Europeans. Particularly, Germans, Italians, and Belgians lead the way in acquiring property on Tenerife.
The preference of foreigners buying a home in the Canary Islands for the province of Santa Cruz de Tenerife is not just a pattern confirmed every quarter; it has also been an established trend for years. This can be seen in the official registrations since 2012, the first year the Decanato detailed the nationalities of homebuyers by region and province in the country.
According to the average based on these figures, one in three homes – precisely 33.5% – sold in the province of Tenerife over the past twelve years has been purchased by foreigners. This contrasts with the 20.79% in the eastern province of Las Palmas de Gran Canaria, resulting in a regional average of 26.8% during this period.
Trend
Since 2012, the trend has fluctuated up and down without too significant contrasts between consecutive years, although there is more stability in the eastern province. Nonetheless, the largest peak in home purchases by foreigners in the western province occurred in 2017 when it reached 40.72%, compared to 22.33% in Las Palmas de Gran Canaria, keeping the regional average at 31.35%.
The lowest number of purchases by foreigners in Santa Cruz de Tenerife was recorded in 2012 (27.19%). It then rose to 31.50% in 2013, to 31.38% in 2014, to 35.82% in 2015, to 39.66% in 2016, and to 40.72% in 2017. A drop to 37.63% was recorded in 2018, it fell further the following year to 31.42%, and then in 2020, to 27.57%, undoubtedly due to the lockdown and travel restrictions during the COVID-19 pandemic. There was a slight resurgence in 2021 with 28.6%, a significant increase of 6 percent in 2022 (34.95%), and in 2023 it rose further to 35.52%.
Nationalities
Awaiting the figures for 2023 on nationalities, let’s look at the past. In 2022, Germans were in the first place, with 18% of the purchases, followed by Italians (14%), and notably, Belgians snatched the third place with 10%. In the Canary Islands, the order that year (and in 2021) was the same, only the British were in third place (with 12.76%) due to their influence in the eastern province.
In 2021, the order in the province of Tenerife was similar, although this contrasts with what happened, for example, in 2018, when Italians led the purchases on the islands (21.97%), followed by the British (15.60%), Germans (13.73%), and Belgians (10.97%). Italians even had more influence in 2017 when they reached 22.58% in the Canary Islands, compared to 16.65% of the British and 12.5% of the Germans. In the province of Las Palmas, there was a tie between Germans and Italians, each with 20%, while the British took the third place with 17%.
Guy Devos © Photography
Real Estate in Tenerife ©
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