Icod de los Vinos is the municipality with the lowest property prices on the island, according to a report from the well-known real estate portal Idealista. Despite an increase in property prices in the area, in March, the price per square meter in the area is €1,008, compared to the provincial average of €2,657 in Santa Cruz de Tenerife.
When filtering by prices, the cheapest option offered on the island is a 100 square meters fixer-upper townhouse in the town of La Vega, in Icod de los Vinos. The property, suitable for investors due to its current condition, consists of two floors, three bedrooms, one bathroom, and is available for the amount of €32,000.
In the same municipality, a 77 sqm penthouse is listed for €140,000 and a 107 sqm apartment for €91,000. These 207 properties are considered the most affordable in terms of size and price in the area.
The situation in the south is drastically different. A 92 sqm penthouse in Tijoco, Adeje, is priced at €239,000 and a 74 sqm apartment in the area of Playa Paraíso, in Adeje, costs €264,000. According to Idealista’s report, Adeje and Arona are the most expensive areas for purchasing property, with prices per square meter averaging around €3,877 and €3,204, respectively.
Since the end of 2020, property prices in the western province have seen a steep increase on the platform. In just one year, the average cost per square meter has risen by 20% compared to March 2023.
Holiday Accommodation
The housing shortage in the Canary Islands and the high cost of property have sparked discussions about the potential designation of tensioned areas and the total number of properties dedicated to tourist use. The Director General of Planning, Training, and Tourism Promotion for the Government of the Canary Islands, Miguel Ángel Rodríguez, stated that there are legal entities in the Canary Islands that own “200, 300, 400, or 500” holiday homes, owned by both locals and nationals or foreigners. Out of the over 55,000 registered holiday homes in the Canary Islands, “only 22,000 individuals had a single property.”
