Tenerife Market Update: October 2023
In this update video, we’ll delve into the intriguing shifts in property prices from October 2022 to October 2023, exploring both meter squared asking prices and actual sale prices. Additionally, we’ll scrutinize the month-to-month changes between September 2023 and October 2023.
Year-Over-Year Price Trends: October 2022 to October 2023
- Across various areas, prices have continued their upward trajectory, marking an average increase ranging from nearly 15% to almost 30% over the 12-month period.
- Notably, 2022 stood out as a phenomenal year for price hikes, contributing to the sustained growth observed.
Month-to-Month Analysis: September 2023 to October 2023
- In contrast to the consistent 4% monthly average increases throughout the year, this period reveals more modest rises.
- The question arises: Could the quieter summer, with fewer buyers in the market, be influencing this slower pace of price growth?
Regional Breakdown: Tenerife Real Estate Overview
- Tenerife boasts just under 10,000 properties for sale, with Arona housing nearly 1,700 at an average asking price of under 3,500 euros per meter squared.
- Within Arona, Los Cristianos stands out with just under 600 properties for sale, averaging just over 4,000 euros per meter squared.
Adeje’s Real Estate Landscape
- Adeje municipality hosts over 2,000 properties for sale, commanding an average price of just under 4,500 euros per meter squared.
- In the specific region of Costa Adeje, approximately 1,300 properties are available at an average asking price of just under 5,000 euros per meter squared.
Focus on Las Americas
- Las Americas, a vibrant area within Costa Adeje, offers just under 200 properties for sale, with an average asking price slightly exceeding 5,500 euros per meter squared.
Looking Ahead As we observe these nuances, the question of whether prices will stabilize or continue fluctuating remains open. The market’s trajectory will unfold in the coming months, providing valuable insights for investors and homeowners alike.
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