The change in the regulations on holiday homes in the south of the island of Gran Canaria is already generating a shift in purchases to the midland areas of Tirajana. The purchase of properties, especially rural properties, in the Canary Islands by foreigners has been a topic of growing debate in recent years and is experiencing double-digit growth, according to data from the INE on Monday. Although, in general, there are no direct restrictions at the state level that prevent foreigners from acquiring properties in Spain, in the case of the south of Gran Canaria, the situation presents some peculiarities and proposals that deserve to be analysed. Currently, there is no specific law at the state level that limits the purchase of rural properties in the Canary Islands by foreigners. However, at the regional and local level, various proposals and debates have been raised in this regard.
The rural property sector in the Canary Islands has experienced exponential growth over the last year, especially in October 2023. This boom is reflected in a 54,8% increase in the sale of these properties compared to the same month of the previous year, positioning the south of Gran Canaria among the areas with the greatest growth in this field.
Sources from the real estate sector in the south of Gran Canaria consulted by Maspalomas24H indicated on Monday that "it is a clear sign that there was a very significant pent-up demand, due to the rise in interest rates, which in the second half of the year has made the decision to buy" and that it represents "a key indicator to analyse the financial health of a country and the solvency of its households". In relation to the same period of the previous year, the purchase and sale of rural properties rose in all the autonomous communities, except in Navarra, where it decreased by 1,9%. Those with increases above the national average were Cantabria (91,5%), Galicia (78,1%), Aragon (56,1%), La Rioja (52,1%), Catalonia (48,1%), the Community of Madrid (39,5%) and the Basque Country (37,1%).
Compared to other regions in Spain, the Canary Islands have fewer rural property transfers by inheritance. This could be due to factors such as a lower concentration of large family properties or differences in inheritance habits. Although sales have experienced strong growth, other means of transfer such as donations and exchanges have also seen significant increases. This suggests a greater diversity in the motivations for transactions.
