Despite the displeasure of the people of Las Palmas, this October 15th marks the 63rd anniversary of the placement of the first stake in San Agustín, a symbolic act that marked the beginning of the urbanization of what is now Maspalomas Costa Canaria. This event, promoted by Alejandro del Castillo, Count of Vega Grande de Guadalupe, the owners of Elmasa, was not merely a real estate development; it was the inauguration of Gran Canaria's modern economic architecture. The initiative, which transformed 20.000 hectares of pristine coastline into the destination Maspalomas Costa Canaria, was the big bang for the islands' tertiary economy. But the history of the Del Castillo family, sometimes referred to as "the Albas of the Canary Islands," demonstrates that their influence is a structural factor, not a temporary coincidence.
The family's influence on the Canarian economy is profound, spanning centuries: from the establishment of sugar mills and the introduction of tomatoes and bananas to industrial innovations. This historical influence underscores the fact that the tourism development of 1962 was made possible by the preeminent and continuous control of land ownership. The decision to convert thousands of hectares of land into tourism assets was an exercise of economic power rarely seen in modern Europe.
As Professor Manuel Lobo states, the history of Gran Canaria is intertwined with that of this family, a key factor in understanding the stability and regulatory risk on the island. This historical role ensures that the Del Castillo family remains an essential player in the political and, above all, economic fabric of the islands, exerting influence over planning and development decisions.
In 1962, the south of the island was a desert with low productive value. The vision of transforming this land into an international tourist destination was a private capital venture that laid the foundation for the real estate market that today trades at €4.710/m² (the average price for San Bartolomé de Tirajana in September 2025).
Del Castillo's legacy is not only that of a developer, but also that of a visionary of the service economy. He activated latent capital: He turned vacant land into the islands' main source of foreign currency, attracting foreign capital and generating a demand driver (Maspalomas-Meloneras at €5.769/m²).
The initial planning created the model of segregated tourist development that would dominate the Canary Islands coast, although today that same model is the subject of intense social debate about its sustainability and overcrowding. This anniversary serves as a reminder to those who regulate: the current wealth of the Canary Islands is a direct result of that first investment in southern Gran Canaria. The challenge now is to ensure that the service infrastructure built on that original vision can sustain the 15 million tourists annually without collapsing the social fabric and the housing market, which are currently facing unprecedented pressures.
The Del Castillo family no longer merely defines the geography of Maspalomas. This means that the Canarian influence now extends nationally, acting as a center of liquidity and financial expertise rooted in that first stake in 1962. The legacy of the Count of Vega Grande is that of a family that has known how to monetize history and spread the word among the citizens of southern Gran Canaria.
