In recent years, Tenerife has experienced a significant increase in property prices. Data from the past three years indicates a continuous upward trend, reflecting the growing demand for real estate on this popular Spanish island.

Current Data and Trends

February 2024: The price per square meter reached €2,614, representing a monthly increase of 1.50% and an annual increase of 20.80%. These figures highlight the sustained interest in Tenerife real estate, even during the winter season, when prices typically stabilize.

January 2024: Prices were slightly lower at €2,576/m² but still showed a monthly increase of 0.80% and an annual increase of 20.40%.

Notable Growth Periods

November 2023: The price per square meter reached €2,549, a monthly increase of 2.00% and an annual increase of 20.30%. This month was particularly significant, showcasing the high market dynamics in the pre-Christmas period.

October 2023: The highest monthly increase of the entire year 2023 was recorded at 2.50%, leading to a price of €2,499/m². The annual increase was 19.10%.

Long-Term Trend

Comparing previous years reveals a persistent growth

February 2023: The price was €2,165/m², reflecting an annual increase of 9.30%. This growth continued throughout 2023, with prices rising by an additional 20.80% in February 2024.

December 2021: The price was €1,970/m², an annual increase of 9.00%. Although prices were relatively stable in the first few months of 2021, they began to rise significantly from the second half of the year.

Economic Factors

Several factors contribute to the rising property prices in Tenerife:

1. Increased Demand: The COVID-19 pandemic led many people to seek safe and beautiful destinations for remote work and leisure, increasing demand for properties in Tenerife.
   
2. Tourism: With the recovery of tourism post-pandemic, Tenerife is once again becoming a popular destination, driving up property prices.

3. Investment: Tenerife is becoming attractive to investors looking for high-return properties, pushing prices higher.

Conclusion

The rise in property prices in Tenerife is evident and ongoing, reflecting the strong demand for this attractive market. Both investors and buyers should be prepared for rising prices and high competition. Despite the dynamic market, Tenerife continues to offer excellent opportunities for real estate investment, supported by economic factors and the growing popularity of the island.