Foreigners Buy Half of Santa Cruz de Tenerife Homes in 2024

In 2024, half of all homes sold in Santa Cruz de Tenerife province were bought by foreigners. Of these, one in four were purchased by people who don't live in Spain. This information comes from Alberto Martínez Lacambra, the general director of the Notarial Technology Center, who shared data from the Unique Computerized Notarial Index.

Martínez highlighted a trend in the Canary Islands: more non-resident foreigners (19.4%) are buying homes than those who live there (16.7%). He noted a clear pattern of foreign investors who don't live on the islands purchasing property. Specifically, in Tenerife, about 40% of homes are currently bought by foreigners. Martínez shared these details during the launch of the Notarial Statistical Portal in the Canary Islands, a new tool that provides accurate housing price data directly from sales records.

Looking back, Martínez explained that in 2007, when Spanish housing prices were at their highest, 14% of homes in the Canary Islands were bought by foreigners, compared to 7.5% nationwide. This figure jumped to 48.8% in 2013 when prices fell, and as of September 2025, it stands at 36%.

Santa Cruz de Tenerife is one of the provinces most affected by foreign home purchases, alongside the Balearic Islands, Alicante, and Málaga. Between 2007 and September 2025, foreigners bought 35.16% of homes in the Canary Islands. The top nationalities were Italian (17.99%), German (16.15%), and British (15.18%). Across Spain during the same period, foreigners accounted for 17.11% of home sales, with British buyers making up the largest group (14.25%), followed by Germans (7.49%) and French (7.36%).

Martínez also discussed the challenges young people face when buying homes, calling the market in the Canary Islands "very exclusive" for this age group. In 2007, young people aged 18 to 30 bought 21.6% of homes in the archipelago, similar to the national average of 22.5%. However, this figure has now dropped significantly to just 6.5% in the Canary Islands, compared to 9-10% across Spain. Martínez explained that from 2007 to 2012, the housing market was more "inclusive" for young people nationwide. But after 2013, getting a bank loan became much harder, causing young buyers aged 18 to 30 to lose their foothold in the market. He warned that this issue "has been getting worse since 2013" and, "if we don't act quickly, we might soon have to consider 'young people' as those aged 18 to 50."

Turning to housing prices, Martínez reported that from 2014 until now, prices in the Canary Islands have surged by 94%. This increase is more than 30 points higher than the rise in household disposable income since 2013. He added that if 2007 were used as a benchmark, the price increase might "seem more manageable." Currently, the average price per square meter for apartments in the Canary Islands is 2,293 euros, higher than the Spanish average of 2,166 euros. In Las Palmas province, the price is 2,166 euros per square meter, marking a 22% rise since 2007 and an 83% increase from 2014, which saw the lowest prices. In Santa Cruz de Tenerife province, prices per square meter climbed by 107% between 2014 and September 2025, going from 1,737 to 2,431 euros.

Martínez also noted that Spain's nominal housing prices have now exceeded their 2007 levels this year, a milestone the Canary Islands reached in 2022. The Canary Islands are among the regions with the highest housing prices in Spain, above the national average, along with the Balearic Islands, Madrid, the Basque Country, Catalonia, and Navarre. While acknowledging the problem and different market conditions, Martínez stated that housing is currently expensive when compared to 2013, the year of the lowest prices, from which there has been a 65% increase until 2025. However, when adjusted for inflation (in 'constant terms'), the real price of housing today is 27% lower than it was in 2007. Martínez concluded, "I don't know if there is a bubble or not, but what is clear is that there is a spectacular lack of new housing supply. We need more homes to be built."