Canary Islands Rental Prices Continue to Rise – But At a Slower Pace Than Mainland Spain
Rental prices across the Canary Islands continue to climb, but the latest figures suggest the pace of growth is now slightly behind the rest of Spain.
According to the latest data published by property portal Idealista, average rental prices across Spain increased by 6.8% over the past 12 months, reaching a record €15.30 per square metre. In comparison, rental prices across the Canary Islands rose by 6.3%, meaning the islands are seeing slightly slower annual growth than the national average.
Lanzarote Rental Prices Remain Among Spain’s Highest
While the rate of increase has eased slightly, the Canary Islands housing market remains one of the country’s most expensive.
The province of Las Palmas, which includes Lanzarote, Gran Canaria and Fuerteventura, recorded an average rental price of €15.40 per square metre, only fractionally below the national average. This highlights just how expensive renting has become across the eastern Canary Islands.
For many residents, finding affordable long-term accommodation continues to be one of the biggest challenges on the island, particularly in areas where demand remains high.
Why Are Rental Prices Still Rising?
Although annual growth in the Canary Islands is slightly lower than elsewhere in Spain, several factors continue to put pressure on the market, including:
- Limited supply of long-term rental properties.
- Strong demand from both local residents and people relocating to the islands.
- Continued popularity of the Canary Islands with domestic and international buyers.
- Population growth in key tourist areas.
These factors mean that even modest annual increases can have a significant impact on affordability.
Other Regions Saw Even Bigger Increases
The Canary Islands were not the region with the fastest-rising rents.
Several mainland regions experienced much steeper annual increases, with Aragón leading the way at 10.5%, followed by Castilla-La Mancha (10%), Asturias (9.9%) and La Rioja (8.4%). Even so, rental prices in the Canary Islands remain among the highest in Spain despite their comparatively slower growth.
What Does This Mean for Lanzarote?
For anyone planning to move to Lanzarote, relocate permanently or secure long-term accommodation, competition for rental properties is still expected to remain strong.
For tourists, the latest figures are unlikely to affect holiday costs directly, but they do underline the wider housing pressures being experienced across the island. Rising rental costs continue to be an important issue for many local residents, workers and businesses trying to recruit staff.
Although the latest data offers a small positive sign that rent inflation in the Canary Islands is no longer outpacing the rest of Spain, affordability remains a major concern, particularly in popular destinations such as Lanzarote.
