The quarter-acre property and neighborhood are lush with dragon trees, palm trees, wild olive, juniper, hollyhocks, heather and rockrose, Mr. Sorokko said, and within walking distance of shops, restaurants and markets in Icod de los Vinos, which has about 23,000 residents. Also nearby are San Marcos Beach and the Parque del Drago, home to Tenerife’s famed Drago Milenario, the oldest and largest living specimen of dragon tree and one of the symbols of the island. Tenerife North-Ciudad de la Laguna Airport is 30 miles east of Icod de los Vinos, while Tenerife South Airport is 40 miles to the southeast.
Market Overview
The Canary Islands archipelago, an autonomous community of Spain with European Union status, comprises eight principal islands about 60 miles off the coast of southern Morocco. Most of the 2.2 million residents live on the two capital islands of Tenerife and Gran Canaria.
Spain’s first reported case of Covid-19 was detected in January 2020, when a German tourist tested positive on La Gomera, in the Canary Islands. The government quickly imposed strict lockdowns, said Caroline Stokes, a director with Clear Blue Skies Group, based in the Costa Adeje area on Tenerife. “The property market dropped immediately to nearly zero,” she said, noting that her firm saw its transactions drop by 50 percent in 2020. But by the end of 2021, the market had bounced back as travel restrictions were lifted.
“This year, 2022, has seen another surge in sales,” she said, “partly due to pent-up demand in the normal markets of the United Kingdom, Scandinavia and Central Europe, and partly due to many people in the eastern part of the European Union investing in Canarian real estate for the first time, perhaps to try to protect their money from the risk of their banks being embargoed.”
The Canary Island capitals of Las Palmas de Gran Canaria and Santa Cruz de Tenerife are seeing more demand than most of Spain’s other capitals, according to the Spanish real estate portal Idealista.com, with tourists lured by a year-round temperate climate, rugged volcanic landscapes, black-sand beaches, historic and cultural charms, and a diversity of animal and plant species.
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