Canary Islands Top National Chart for Large-Scale Property Holders
In the Canary Islands, 20.59% of available homes are in the hands of large-scale property holders, according to the latest report from the association Provivienda. This percentage is the highest in the country, surpassing Madrid’s 15.74% and Barcelona’s 15.17%. It depicts the situation of more than 68,341 houses out of the 331,915 that the analysis records as available “to form part of the housing supply—both for rent and for sale—at a given moment.” The study is set against a housing emergency that highlights a supply deficit and an accumulated demand that shows no sign of slowing down.
Megaholders Dominate the Archipelago’s Market
Under Law 12/2023 on the right to housing, a “large holder” is defined as any individual or legal entity that owns more than 10 urban properties for residential use. In the case of the Canary Islands, however, the correct term would be “megaholders,” as all large holders in the Islands own more than 50 houses. This situation creates a complicated scenario for public administrations trying to intervene and control access to affordable homes. In fact, based on data gathered by Provivienda, the public sector controls just 4.8% of the available residential stock.
A Growing Barrier to Home Ownership for Families
Above all, the 20.59% figure shows a landscape where it is increasingly difficult for families to acquire a home. “For 17 years, families have not been allowed to buy a home,” explains Sergio Nasarre, director of the only UNESCO Chair on Housing. The professor points to the difficulty of accessing a mortgage, as it requires investing approximately 34% of the home’s value as a down payment—the non-financeable part—to obtain the loan. Meanwhile, investment funds and large buyers, who do not need to resort to this type of credit, “face no obstacles to continue acquiring properties,” he emphasises.
The Profile of Canarian Megaholders
It is important to note that the homes counted in the study share the characteristic of not being permanently inhabited by their owners. This stock includes primary homes for rent or loaned out, second homes, empty homes, or those with other uses such as seasonal or tourist accommodation. Thus, all megaholders in the Canaries are private entities, suggesting significant investment portfolios. Among these private entities, at a national level, CaixaBank with 21,815 homes and Blackstone with 19,638 stand out as the leaders. Far behind are CBRE (8,096), Cerberus (6,936), and Santander (5,001).
Contrasting Regional Models and Policy Needs
At the other extreme, where the public sector carries more weight among megaholders, are the Basque Country (only 14.4% private), Andalusia (43.4%), Galicia (48.2%), and the Balearic Islands (49.6%). Consequently, regulatory needs are not the same. While territories with a private predominance require collaboration instruments—such as agreements with developers, tax incentives, or regulation policies—to steer those portfolios towards affordable rent; in those regions where the public sector predominates, the study recommends “scaling up and stabilising the stock to anchor prices and coverage.” In other words, expanding and maintaining the residential stock in these territories to stabilise prices and guarantee access.
Impact on Prices and the Supply Crisis
“A home whose owner is an investment fund or a large holder is not necessarily more expensive,” notes Alejandro Bermúdez, co-founder of Atlas Real Estate Analytics, a consultancy specialised in market studies and real estate asset location. In this sense, the presence of a high percentage of megaholders in the market does not automatically translate into higher prices for buyers. Part of the explanation is that this phenomenon is not recent and that, for years, the percentage of large owners has remained high. In fact, although the Canary Islands has the country’s highest figure for large holders, it is the second autonomous community with the lowest growth of these owners between 2006 and 2024, with an increase of just 8.3%.
Where the effect of the concentration of large buyers is felt is in the present context, where there is an urgent need to increase the housing supply to address the housing emergency. In this scenario, far from being able to directly guarantee affordable housing for the population, administrations are forced to collaborate with private ownership so that the market also works for those with fewer resources.
On the other hand, intermediate holders—that is, owners of one to 10 additional homes—concentrate the bulk of the market with 74.66%. Furthermore, in line with the data on large holders, this is the lowest proportion among the rest of Spain’s autonomous communities.
No post found!