The end of the first quarter of 2023 demonstrates a robust property market in Tenerife, particularly in sought-after areas such as Los Cristianos, Las Américas, Costa Adeje, and the municipalities of Adeje and Arona. Despite a potential reduction in inquiries, people are still actively buying properties, with year-on-year and month-on-month price increases in these prime locations. In this article, we will delve into the latest trends and statistics, analyzing the factors contributing to this continued growth and discussing the prospects for the future.
Property Prices on the Rise
The end of Q1 2023 has shown a continued increase in property prices across Tenerife’s top locations. Year-on-year price changes indicate that Arona experienced an 8.8% increase, Los Cristianos a significant 19.7% jump, Adeje with a 23% growth, and Costa Adeje leading the pack with a remarkable 24% increase. These figures highlight the sustained demand for properties in these prime areas, making them increasingly attractive to both local and international investors.
The month-on-month price changes for these areas are equally impressive. Arona saw a 2.5% increase, Los Cristianos a 1.7% rise, Adeje with a 3.4% growth, and Costa Adeje enjoying a 3.3% increase. These consistent upward trends indicate a healthy market that is resilient in the face of potential challenges.
Current Average Asking Prices
As of the end of Q1 2023, the average asking prices per square meter for properties in these prime locations are as follows:
Los Cristianos: €4,131
Las Américas: €5,029
Costa Adeje: €4,890
These figures reveal that Las Américas has the highest average asking price, followed closely by Costa Adeje and Los Cristianos. This reflects the premium placed on properties in these areas, which are known for their stunning landscapes, beautiful beaches, and vibrant lifestyle options.
Total Properties for Sale
In terms of the total number of properties for sale, Tenerife has 8,966 properties on the market. Within this total, Arona has 1,458 properties available, with an average asking price of €3,071, while Adeje has 1,576 properties listed, with an average asking price of €4,266. These numbers suggest that there is a wide range of properties available to suit various budgets and preferences, catering to a diverse array of potential buyers.
Market Resilience Amidst Reduced Inquiries
Although there has been a potential reduction in inquiries, people are still actively buying properties in these prime areas. This resilience can be attributed to several factors. Firstly, the enduring appeal of Tenerife as a tourist destination and its pleasant climate have made it an attractive option for both holidaymakers and long-term residents. Secondly, Tenerife’s thriving expatriate community has contributed to a stable demand for properties, with many seeking to purchase homes in the island’s picturesque locations.
Moreover, the solid growth in property prices has boosted investor confidence, drawing in buyers who are keen to capitalize on the potential for significant returns. This continued demand, coupled with the island’s limited land area, has further fueled the growth in property prices in these sought-after locations.
In conclusion, the property market in Tenerife has demonstrated continued strength through the end of Q1 2023. Prime areas such as Los Cristianos, Las Américas, Costa Adeje, and the municipalities of Adeje and Arona have experienced significant increases in property prices.