Housing prices in the Canary Islands have been spiralling up as over-tourism is blamed for pricing out locals.
The Spanish islands saw house prices rise by 8.2 percent in the third quarter of the year, the second-highest increase in the country, trailing only the Balearic Islands with a 9.1 percent increase.
According to data released by the Spanish Ministry of Housing, this increase in housing costs in the Canary Islands is nearly double the national average.
The Balearic Islands (9.1 percent), the Canary Islands (8.2 percent), La Rioja (7.2 percent), the Community of Valencia (6.5 percent), Asturias (5 percent), and the Community of Madrid (4.7 percent) saw the highest year-over-year increases.
In terms of average price per square metre, the Community of Madrid (3,008 euros) had the highest costs in Spain, followed by the Balearic Islands (2,920 euros) and the Basque Country (2,528 euros).
Extremadura (868 euros) and Castilla-La Mancha (947 euros) had the most affordable housing prices, being the only regions where the cost per square metre was less than 1,000 euros.
Aragon (2.7 percent ), La Rioja (2.5 percent), and Murcia (2.3 percent) saw the most significant quarterly increases.
The Canary Islands are a popular travel destination with beaches and mild weather all year around.
The Canary Islands have proposed limits on the construction of vacation homes through proposed quotas in specific regions.
There are also considerations for implementing regulations requiring “zero growth” in specific areas.
This change may have an impact on areas where up to one-third of the housing is currently designated for tourism purposes.
According to the proposals, such restrictions are intended to address issues of “gentrification” and “touristification.”
