The Canary Islands are one of the favourite places for expats to buy property in Spain. From the great weather on the hottest Canary Islands of Tenerife and Gran Canaria to the excellent family beaches on Lanzarote and Fuerteventura, there’s no end of reasons to live in the Canaries. Even better, house prices in Las Canarias are fairly affordable, if you know where to look… the two cheapest Canary Islands to buy property are Tenerife and Gran Canaria.
There are even traditional homes for sale which are typical of the Canary Islands, such as the cave houses, which are built right into the rock of a cliff face and are similar to the cave houses in Granada. Other property for sale in the Canary Islands include beachfront houses and sea view villas, which are cheaper than you might think.
The Canary Islands are split into two administrative provinces: Las Palmas de Gran Canaria and Santa Cruz de Tenerife. Las Palmas includes the islands of Gran Canaria, Fuerteventura and Lazarote, while Santa Cruz includes the islands of Tenerife, La Palma and the lesser-known islands of La Gomera and El Hierro.
So, when thinking about buying a home in these famous, sunny islands, it helps to know which is the cheapest Canary Island for property.
Average house prices in the Canary Islands
As shown by data from idealista’s monthly real estate price reports in Spanish, property prices in the Canary Islands are going up after having reached their lowest point in 2014, and now stand at around 1,803 euros per square metre, which is 168 euros per square foot.
However, the three cheapest municipalities in the province of Las Palmas are San Nicolas de Tolentino (780 euros/m2 or 72 euros/sq ft), Santa Maria de Guia (977 euros/m2 or 91 euros/sq ft) and Ingenio (1,030 euros/m2 or 96 euros/sq ft), all of which are on the island of Gran Canaria.
In the province of Santa Cruz, meanwhile, the cheapest municipalities are all on the island of Tenerife: La Guancha (796 euros/m2 or 74 euros/sq ft), San Juan de la Rambla (868 euros/m2 or 81 euros/sq ft) and Buenavista del Norte (989 euros/m2 or 92 euros/sq ft).
So, if you’re looking for cheap homes for sale in Spain and you like the idea of living by the beach on a paradise island, check out the two cheapest Canary Islands to live on – Gran Canaria and Tenerife. It doesn’t hurt that they’re the islands with the best weather too!