Tenerife: Homes for sale have decreased by 74% in 6 years.
In Tenerife, the number of properties for sale has fallen by 74% in the last 6 years due to land scarcity and tourist demand, making it increasingly difficult for local residents to purchase housing.
The real estate market on the island of Tenerife is currently experiencing challenging times. Finding a home to buy is becoming increasingly difficult. Over the past 6 years, the number of available options has fallen by as much as 74%! This is one of the worst indicators in all of Spain, according to Idealista data.
Why is this happening? It's simple: there are more people on the island, and there is almost no free land. Plus, tourism is doing its thing, as many people want to have a place to stay for vacation. As a result, competition between buyers is increasing, and prices are creeping up. It is becoming increasingly difficult for locals to buy a home.
The situation in Santa Cruz de Tenerife is indicative, because there are not as many opportunities for expansion on the island as on the mainland. But there is also good news: a large plot of land for development in the south of Tenerife, in the El Mojón area, has finally been unblocked. There are plans to build hotels and residential buildings there. This project has been awaited for almost 30 years!
Overall, the situation in Spain is not very good either: since 2019, the number of homes for sale has decreased by 39%. Valencia was the most affected (where the offer fell by 78%), Segovia and La Coruña (by 77% each).
As for large cities, in addition to Valencia, a significant reduction in supply is observed in Seville (67%), Alicante and San Sebastian (66% each), Madrid (53%) and Palma (51%). The situation is slightly better in Barcelona and Malaga.
As for the provinces, Biscay and Alava were the most affected (where the offer fell by 70%). But in Alicante and Jaén, the fall was not so significant.