The new Housing Law directly affects the Gran Canaria municipality, resulting in the loss of more than 20% of its rental supply
A recent study analyzing the housing market has indicated that more than 5000 homes will leave the rental market in the Canary Islands due to the changes in leasing included in the new Housing Law. At the national level, it is estimated that the removal of homes will exceed 100.000 due to the new law.
In the Canary Islands, it is estimated that one of the areas most affected by this new law is Santa Lucía de Tirajana. The rental housing stock in the municipality currently amounts to 2575 and with the new law it is expected that 541 will be withdrawn from the market. It is expected that this exit from the market will seriously affect those interested in renting in the municipality, since the current supply that is collected in the study does not correspond to that of the two main rental web portals, which include a total of 15 homes available for rent in Santa Lucía de Tirajana, with an average price that is close to 15 euros per square meter.
The possibility of converting these apartments into holiday homes due to the changes proposed by this new law is increasingly real, something to take into account especially in San Bartolomé de Tirajana, where the study does not place special emphasis but due to its tourist municipality can cause a stampede by owners to offer their properties as tourist rental homes.
