According to data provided by AENA, the Spanish company that manages airports of general interest in Spain, during the month of March 2022 there has been a much higher arrival of planes in the Canary Islands compared to what had been registered in 2019.
This new influx of people has undoubtedly had a positive effect on the global economy of the Canary Islands. Furthermore, it is no coincidence that in the ensuing months there has been significant growth in the real estate sector.
Since October of last year there has been an increase in the number of apartment reservations, which is clearly related to the increase in the number of tourists arriving on the island. In recent months we have also seen that many tourism-oriented activities have been opening, as well as both trade.
We know that the pandemic left us with a health crisis, but not an economic crisis. The tourism that enters the island today is high in purchasing power. During the pandemic, these people who arrive in the Canary Islands today were able to increase their savings capacity, and now they come to the island to invest part of that money.
Increase in the sale of mid-high level properties
This increase in sales shows that the tourism that is entering the island today has high purchasing power. And Tenerife is working to take advantage of this boom. As reported by AENA, in June, a direct air connection will be established between New York and the island, with the idea of convening and attracting a public with high purchasing power.
Both in the United Kingdom and in New York, the average to buy a home is much higher than the existing average in Tenerife. The money that someone can invest in one of these places to buy a small property, here could buy a larger property, let’s say a villa.
Without a doubt, this new entry will be a good boost for the economy, and clearly this will be reflected in the real estate sector.