We often get enquiries from people who are surprised that house prices on La Palma have not dropped in line with the massive drops in the USA, UK and the Spanish Costas.
It may seem surprising but it appears to be true that houses on La Palma, Canary Islands are maintaining their value.
La Palma seems to have escaped the 'crisis' in the housing market. The market has remained fairly stable so far for cottages, holiday homes and detached houses.
Perhaps it is because the young palmeros are more prosperous then ever before and no longer want to follow tradition and live with their parents. They are buying up property.
Perhaps it is because owners are prepared to wait a couple of years as they are generally not in a hurry to sell and do not want to lower their price.
Perhaps it is because people from the Spanish Peninsula and Northern Europe want to leave their own countries and move to a better climate and live a more relaxed life, creating a continued demand for houses on La Palma.
Perhaps it is because there really isn't much property for sale on the island at any one time.
Of course, some property owners are still overly optimistic, but in our experience there is still enough demand for houses to be sold at prices fairly close to the asking price.
In any case the property prices on La Palma do not seem to have dropped significantly in 2008
