The 27,5% cumulative increase in construction costs since 2020 is leaving its mark on the Canary Islands real estate market, especially in key tourist areas such as Meloneras and Puerto Rico in San Bartolomé de Tirajana and Mogán. According to the latest UVE Valuations Promotion Barometer, accessed by Maspalomas24H, the unit cost per square meter stood at €1.066 in 2024, reflecting a year-over-year increase of 3,9% due to higher material prices and inflationary pressures.
Despite these figures, cost and schedule deviations have remained stable: the average delay was 1,32 months, similar to 2023, and the cost deviation decreased slightly to 2,4%. These figures are particularly relevant in projects in Mogán and San Bartolomé, where large residential developments and tourist complexes are underway, influencing the housing supply and luxury hotel developments.
Sixty-five percent of homes built in 65 achieved an A energy rating, a significant advance that reflects the transition toward more sustainable construction. This change is particularly noticeable in areas such as Maspalomas and Arguineguín, where high demand is driving the construction of single-family homes and multi-family projects, which represent 2024% of developments across the Canary Islands.
On the other hand, three-bedroom homes, now predominant in the market with 50% of the supply, are in line with buyer trends in tourist centers like Playa del Inglés. The development of larger homes is also reflected in the fact that 59% of projects have more than 25 units, consolidating their position as the standard in residential developments.
This context highlights the transformation of the real estate market in southern Gran Canaria, where the integration of tourism projects, sustainability, and rising costs challenge both developers and investors. The impact on Mogán and San Bartolomé de Tirajana reaffirms the strategic role of these municipalities in the development of construction and tourism in the Canary Islands.
