Properties on the Canary Islands have reached an all-time high. According to the latest idealista report, the average price soared to €2,865 per square metre in January 2025 – the most recent data available. This figure represents a staggering 16.3% increase compared to the same month in 2024, highlighting the rapid surge in property prices.
Both Las Palmas (€2,639/m²) and Santa Cruz de Tenerife (€3,033/m²) have experienced significant growth, with year-on-year increases of 13.7% and 17.8%, respectively. However, one town stands out for its considerably lower average price of just €1,172/m². Read on to discover where to find the most affordable homes in the Canary Islands.
Teror, the Canary Island town with the cheapest houses
Teror is the town with the lowest property prices in the Canary Islands. According to idealista data, the average price per square metre in the town is just €1,172. Located on the island of Gran Canaria, in the province of Las Palmas, Teror has a population of 12,799 residents (as of 2024).
Situated 20 kilometres by road from Las Palmas de Gran Canaria, Teror is renowned across the Canary Islands as the home of the revered image of the Virgen del Pino, the patron saint of the Diocese of the Canary Islands. The town’s origins are closely tied to this religious devotion, as well as to early settlers’ search for fertile land and abundant water sources for agriculture. Teror was established in what was once a vast forest covering the north of the island, and its growth has been intrinsically linked to the Marian tradition in the region.
The Virgin of El Pino has a history shrouded in mystery. The exact date of her apparition remains unknown, though tradition holds that the image appeared atop a pine tree on 8 September 1481, near the Green Cross in Plaza del Pino.
Meanwhile, Teror’s historic centre is one of the most significant cultural heritage sites in the Canary Islands. In April 1979, the area surrounding the Basilica del Pino – where the Virgin is venerated – was officially declared a Historic-Artistic Site.
Today, Teror’s economy is driven by agriculture, traditional crafts, commerce and the food industry, maintaining a strong connection to its rich heritage.
What to see in Teror
Teror is a town with a vast cultural heritage. In addition to the aforementioned places of interest, if you visit the town you cannot miss seeing:
The Yellow Tower
Built in 1708, it is one of the few remaining remnants of the second temple that preceded the current structure. Featuring an octagonal floor plan and seven sections, it follows the Manueline style of Portuguese Gothic and echoes the design of the ancient towers of the Cathedral of Las Palmas.
Old Episcopal Palace
Located behind the Basilica of the Virgen del Pino, this structure was built using leftover materials from the temple. Restored in 1982, it served as the House of Culture until a few years ago. Its oldest section remains in use by the parish. In the courtyard, notable features include the face of the old basilica clock and the Cross of the Century.
Town Hall
Acquired in 1909 for schools, the building was finally used as the Town Hall. Until the late 1980s, it housed all municipal services, but since 1990 some offices have been moved. Currently, it houses the equality area and plenary sessions.
Plaza del Pino
Located opposite the Basilica, this square has been a hub of celebrations and commerce since the 18th century. A key feature is the Green Cross, which marks the site of the Tabernacle from the first Pino Hermitage. The current iron cross, installed in the 19th century, replaced an earlier wooden one crafted from the remains of the pine tree that disappeared in 1684.
The Alameda, also called Plaza Pio XII
Situated in front of the Episcopal Palace, this plaza was originally designed in 1844 and took on its current appearance in 1981. Once home to a kiosk, it served as a key meeting point for locals. Today, it remains an important venue for cultural and festive events.
Calle Real de la Plaza
Teror’s main street links Muro Nuevo with Plaza del Pino. Its 18th- and 19th-century architecture blends various styles, with traditional balconies as a distinctive feature. As the town’s premier shopping street, it is home to some of the oldest and most iconic shops in the town.
The balconies
A defining feature of the Historic Centre, the wooden houses with tiled roofs in the Plaza and along Calle Real stand out. Often used as viewing stands for events and processions, these homes reflect the social status of their original owners.
Plaza Teresa de Bolívar
Created in 1958 to expand Plaza del Pino, the square is named after the wife of Simón Bolívar, who was a descendant of an illustrious family from Teror. Two fountains are prominent in the square: one featuring the coat of arms of the Rodríguez del Toro family and another crafted from yellow stone.
Fuente Agria de Teror
Famous for its mineral-medicinal waters, which won awards in Brussels (1910) and Seville (1929), the spring is located in the Barranco de Teror and has long been a vital resource for the town. Its stone portico is the iconic symbol of the spring.
Mill Bridge
The oldest bridge in Gran Canaria (1824-1828), it played a crucial role in connecting Teror with the capital and the neighbourhoods on the other side of the Barranco del Pino.
Properties for sale in Teror
On idealista, you can find properties in Teror, the town with the most affordable homes in the Canary Islands. For example, this semi-detached house, featuring two floors and a rooftop terrace, showcases the town’s budget-friendly prices. It offers 244 m² of living space, including seven bedrooms, three bathrooms and a 231 m² plot with a garden, all for just €234,000.
Teror also offers luxury properties, such as this eco-friendly estate with several homes for sale, priced at €775,000. The property includes a main villa with a swimming pool, a three-storey adjoining building, an events hall with a terrace, three caves, crop areas, horse stables, corrals, a pond and more. In total, the estate covers 625 m² of built space, with six bedrooms and three bathrooms, set on a 12,000 m² plot.
Another affordable property available is this detached villa with two floors, offering 222 m² of built space. It features four bedrooms, four bathrooms and a 700 m² plot of land. The villa is particularly notable for its stunning views and rustic character, all for the price of €255,000.
