The South Of Gran Canaria Starts 2024 With 465 Real Estate Transactions In The First Quarter Of The Year

The average time to sell a property in this area has dropped again by 24.9% and is now around 3 months.

The evolution of the real estate sector in the south of Gran Canaria is very positive.

In 2024, there has been a decrease in transactions, but it has not been as marked, following a strong increase of almost 11% in the number of transactions in 2023.

Thus, the real estate market in the area remains very active, with high demand and low supply for buyers, indicating that it is a great time to sell a property.

Proof of this is that the average time to sell has dropped by 24.9% compared to last year, now standing at 3 months.

The forecast is that the number of transactions closed in 2023 will be matched or there will be only a slight decrease.

Evolution of the real estate market

In the first quarter of the year, according to the Ministry of Transport and Sustainable Mobility, a total of 195 real estate transactions were carried out in Mogán, compared to 204 in the same period in 2023.

And in San Bartolomé de Tirajana, a total of 270 transactions were carried out, compared to 323 in the same period last year.

Most of the transactions were for used homes (462), while new homes were only three.

The price of homes in the Mogán area has decreased by an average of 6.23% and in San Bartolomé de Tirajana by 5.16%.

This decrease depends on the areas where they are built and the demand for purchase.

For example, in Playa del Inglés, only 9.85% of the properties for sale have lowered their price, while in Maspalomas, 17% of the homes have lowered their price.

International buyers

Regarding nationalities, at the start of 2024, Scandinavia, Germany, and the United Kingdom continue to be the regions of origin for most buyers from other countries, followed by Italy and the Netherlands, following the trend of last year, according to the Ministry of Transport and Sustainable Mobility Bulletin.

Most demanded properties in the south of Gran Canaria

Luxury villas, bungalows, and apartments continue to be the most demanded homes in the south of Gran Canaria, where the existing supply cannot meet the high demand for purchase in the area.

In areas like Arguineguín, only 7.8% of the homes are for sale compared to a demand that exceeds 25% depending on the square meters and the location of the property.

This area, along with Tauro or Maspalomas, is among the most desired by buyers.

The average price per square meter of these homes varies according to location, size, features, and condition.

For example, according to Idealista data, in Mogán, the average price per square meter is €3,617 in June 2024, and in San Bartolomé de Tirajana, the average price per square meter is €3,899 in June 2024.

Although the trend is downward, there are areas where the price has increased significantly, such as the Maspalomas-Meloneras area, where the square meter is around €4,716 in June 2024, compared to the average of €3,792 in June 2023.

Average selling time has been reduced

Given this market situation, with high demand and low supply, the average time to sell is around 3 months, which represents a reduction of 24.9% compared to the previous year.

This means that there is a great opportunity for owners who want to sell their property in the south of Gran Canaria.

As in 2023, the low supply and high demand from buyers mean that properties can be sold at a good price and in a very reasonable time.

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