The Canary Islands are proving more popular with potential property buyers than the Balearics, with Tenerife taking the lion’s share of enquires at 46 per cent.
The Canaries ranked 8th in the league of enquiries for Spain compared to the Balearics in 11th according to internet property portal, Kyero.com.
The news should come as no surprise with property in the Canaries well below those in the Balearics, averaging €208,000 at the end of last year compared to a whopping €451,000.
And despite the doom and gloom over the downturn in the property market, the Canaries, with year-round sunshine and property prices in 2007 15 per cent below the national average, should still prove attractive to overseas buyers.
Add to that the ever-increasing number of budget airlines running services from northern Europe to the islands and the forecast seems to suggest the Canaries will weather the downturn better than most.
Easyjet, Flyglobespan, Jet2, Monarch and Ryanair now fly from most parts of the UK and Tenerife’s two airports handled more than 12.8 million visitors last year.
And unlike elsewhere, Tenerife actually saw a 7.5 per cent increase in property prices last year.
That compares with Gran Canaria, which, despite being home to Spain’s fifth busiest airport, handling some 10 million passengers, the demand for property remains low.
This has led to a drop in average prices of 4.8 per cent over the last year, from €233,000 to 222,40 in 2007 and a further dramatic fall to €198,000 in January.
Martin Dell, managing Director of Kyero.com said: “Most of the Canary Islands had a tough year in 2007 and Gran Canaria is no exception.
“I do feel however that the island is attractive to UK buyers due to the ease of accessibility offered by budget airlines including Easyjet, Flyglobespan, Jet2 and Monarch and, with average property prices now down to 19 per cent below the national average, bargains are there to be had.”
Lanzarote, with more than 5.5 million visitors last year, has seen considerable growth in recent years.
But its average house price of €312,000, 27 per cent above the national average, leaves it trailing behind the big two in the Canaries when it comes to property enquiries.