Tenerife Property Market Outlook 2024 – Predictions and Trends
It is expected that by 2024 the property market will show signs of depletion and will be down by up to 2%. This could mark an important trend in the property sector for those in Tenerife. All this will depend on different factors that usually determine the prices in this market.
In the case of Tenerife, inflation is one of the main factors pushing up prices, along with the geopolitical context. On the other hand, the socio-economic framework influences rental costs, labour demand and so on. So let’s now take a look at the predictions for 2024.
What do you expect in the real estate market for 2024 in Tenerife?
The real estate market of this 2023 is about to close and big developments are expected for next year. One of the main predictions is the resistance to price rises in the mortgage world. This is due to the high demand that exists; up to 450 sales and purchases can be registered in Spain.
This clearly boosts the real estate world within Tenerife. It can mean a return to normality and a more regular dynamic, with a greater demand in the region. In 2023 a good stagnation was achieved, which has led to operations beginning to stabilise in a better way.
What trends are expected?
Within Tenerife, as in the whole of Spain, a number of interesting trends are expected. To make it clearer for you, we have listed the most likely ones. So, if you want to know the real estate market trends 2024, these are the following:
The reduction in home sales and purchases.
House prices may register cost reductions.
Mortgages signed will be reduced.
International investors are expected to remain interested.
Increase in the rental market.
Effects after a new housing law.
Increase in the cost of shared flats.
These are just some of the trends in the real estate market 2024 that will be seen. They will mark stability within Tenerife and Spain.
A hopeful climate in the property market
With the above mentioned, it is clear that the property market seems to have a hopeful outlook. It is expected that stability will be the trend and that prices will gradually settle down.
