Housing Prices Strain Savings Potential in the Canary Islands

Given that the Canary Islands possess the second lowest average wage in Spain, it is evident that they stand 26 points beneath the national average in terms of savings capacity compared to other autonomous communities. Furthermore, considering that the Archipelago ranks among the areas where rental prices are considerably higher and is experiencing an ongoing inflationary trend lasting for a couple of years, the circumstances are further exacerbated. A striking 35.8% of the island residents rely on daily income, marking the highest ratio across the autonomous communities.