Tenerife Property Market Analysis: July 2024
In this article, we’ll explore the changes in the Tenerife property market, focusing on comparisons between July 2024 and July 2023, as well as a month-on-month comparison between June 2024 and July 2024. By examining these trends, we aim to provide a comprehensive overview of how the market has evolved over the past year and within the last month.
Year-on-Year Comparison: July 2024 vs. July 2023
- Overall Market Growth: The Tenerife property market experienced a significant increase of 19% in asking prices from July 2023 to July 2024. This is a substantial growth, reflecting rising demand and market confidence.
- Area-Specific Trends:
- Los Cristianos: Asking prices rose by 7.2% over the year.
- Costa Adeje: A more modest increase of 3.2% was observed.
Month-on-Month Comparison: June 2024 vs. July 2024
- Costa Adeje: The area saw a 3% rise in property prices from June to July 2024.
- General Trends: Property prices fluctuated between 1.6% and 2.1% across different regions, indicating consistent but varied growth.
Snapshot of Key Areas in Tenerife
- Aona:
- Properties for Sale: 1,600 properties.
- Average Asking Price: Just over €3,700 per square meter.
- Los Cristianos:
- Properties for Sale: 513 properties.
- Average Asking Price: Slightly over €4,300 per square meter.
- Costa Adeje:
- Properties for Sale: Over 2,000 properties.
- Average Asking Price: Just under €4,700 per square meter.
- Las Americas:
- Properties for Sale: 217 properties.
- Average Asking Price: €5,733 per square meter.
- Costa Adeje Coastal Area:
- Properties for Sale: Nearly 1,300 properties.
- Average Asking Price: Just under €5,300 per square meter.
Spotlight on Costa del Silencio
Costa del Silencio has shown remarkable growth in property prices over the past few years. Here’s a breakdown of the changes:
- Current Average Asking Price: €2,791 per square meter, the highest since records began in 2019.
- Year-on-Year Growth:
- A 13% increase from July 2023 to July 2024.
- Month-on-Month Growth:
- A 2.3% increase from June to July 2024, comparable to Los Cristianos’ 2.1% rise.
- Historical Trends:
- Five Years Ago: The average asking price was €2,119 per square meter.
- Pandemic Dip: Prices fell to €1,922 per square meter during 2020-2021.
- Current Recovery: Prices have rebounded to €2,700 per square meter.
Conclusion
The Tenerife property market has demonstrated robust growth, particularly over the past year, with significant price increases across key areas like Los Cristianos, Costa Adeje, and Costa del Silencio. The consistent rise in property values highlights the region’s strong demand, making it an attractive market for potential buyers and investors. Whether you’re looking at a short-term investment or a long-term hold, the Tenerife property market in 2024 presents numerous opportunities.
