Should I buy a property in the Canary Islands?

The Canary Islands not only represent a first-class tourist destination for people from all over the world, but they also boast a thriving real estate market. So much so that, at the moment, they offer an excellent opportunity for investors.



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While international investors are holding on thinking that the real estate Canaries market prices will continue going down and there will be plenty of opportunities during 2021, real estate experts agree the time to buy is now.

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So, if you're looking for cheap homes for sale in Spain and you like the idea of living by the beach on a paradise island, check out the two cheapest Canary Islands to live on – Gran Canaria and Tenerife. It doesn't hurt that they're the islands with the best weather too!

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Nomad's list of the best places to live in Spain in 2023 is topped by Gran Canaria for the second year in a row, also making the island the best Canary Island to live on, followed by the islands of Fuerteventura and Tenerife.

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The Canary Islands have a subtropical climate, with mild temperatures throughout the year. The islands enjoy plenty of sunshine and warm weather, making them an excellent choice for those who love a mild and pleasant climate.

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The pro and cons of moving to the different Canary Islands include Tenerife, Gran Canaria, Fuerteventura, and Lanzarote.
  • Tenerife – Best for everyone including British Expats. ...
  • Fuerteventura – Best for beaches and great value properties. ...
  • Gran Canaria – Best for laid-back holiday homes.


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Living in the Canary Islands is affordable. It's cheaper than the UK in a heap of aspects. For example, data from Numbeo suggests rental prices in the Canary Islands are 73.28% lower than in London, on average. Groceries are kinder to the bank balance too.

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The luxury of Living in Exclusive Homes The most exclusive residential areas are Tafira, Santa Brígida and Maspalomas in Gran Canaria; La Orotava, Tacoronte, Puerto de la Cruz and La Laguna in Tenerife and Puerto Calero in Lanzarote.

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Tenerife is not a particularly windy island, although there may be times when the wind is stronger. So, if you want to hit the waves with your surfboard, you can find numerous beaches on the north coast and a few on the south that are perfect for water sports.

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Lanzarote. Lanzarote tends to be the hottest and most arid of the Canaries, as it is closest to the Sahara desert and because it is one of the lowest lying islands. The Sahara can bring high temperatures and fine sand to Lanzarote, causing occasional heatwaves.

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The canaries are an EU tax haven, although not in the traditional sense: this jurisdiction, part of Spain, makes available many tools for tax planning of known companies. First, the Canaries tax system is easier and with lesser tax burden than other European countries, fully legal and authorized by European Commission.

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If you are buying a new property in Gran Canaria, you will pay 7% IGIC (General Indirect Tax of the Canary Islands) + 1% of the purchase price. If you are buying a second-hand home, the rate is 6.5% of the purchase value. On top of that, you will have to pay registration fees.

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The average price is just under 2,400 euros/m2 in the better areas. Houses/villas typically cost between 220,000 and 3 million euros and two-bedroom apartments between 170,000 and 540,000 euros.

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How long can people stay in the property for? For 90 days in a period of 180 days, without any need to obtain a tourist visa. For longer periods, British citizens are required to obtain a regular residence visa.

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Fuerteventura is considered the quiet island of the Canaries, which invites travellers to relax and rest. While its small bays and deserted beaches constitute great retreats, the harsh and appealing volcanic and desert landscape displays incomparable natural beauty.

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Our recommendation for the best Canary Islands for winter sun is either TENERIFE or GRAN CANARIA. This doesn't mean you should avoid the other islands because the weather will still be warmer than most other places in Europe, but you will just have to expect more wind and a few more showers during the day.

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Tenerife South (TFS) is often used by tourists closer to the sunny resorts south of the island. Tenerife is the easiest island to reach for US visitors, with United Airlines launching a nonstop flight from Newark (EWR) to Tenerife South (TFS) starting June 9, 2022.

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Lanzarote is often referred to as the best Canary Island for beaches and Caletón Blanco is one that belongs on postcards. Squish your toes in pristine white sand on your way to sinking into serene water so clear you can see nail polish shining brightly on the bottom.

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It is also known as the Meridian Island, and Valverde is its capital. 8 Graciosa – The smallest inhabited island of the Canaries in terms of area and population, being only 29 km² in size and having a population of approx. 735 (2018). Its capital is Caleta de Sebo, and it's a few kilometres to the north of Lanzarote.

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The British influence The British had such an influence that, naturally, Queen Elizabeth II would visit with the Royal Yacht Britannia. There is still a community of around 30,000 British residents, 14,557 in Santa Cruz de Tenerife province and 14,166 in Las Palmas.

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If you are moving to the Canary islands from another EU or EEA country, you won't need a visa to enter the islands. If you are staying permanently, you'll need to obtain a residence permit and an NIE card which will be issued by the immigration service and is needed to file taxes, open a bank account, etc.

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