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IT HAS SPARKED FIERCE AND PASSIONATE PROTESTS ACROSS THE CANARY ISLANDS, AS WELL AS THE BALEARIC ISLANDS AND THE MAINLAND TOO. 09:09, 03 Jun 2025 A crisis has hit Tenerife and Gran Canaria -

with the supply of new homes dropping as much as 15 per cent in a single year. European Union holidaymakers and tourists have been warned over the drop in supply of new properties for

locals. Locals are increasingly frustrated with the lack of housing, especially affordable housing. It has sparked fierce and passionate protests across the Canary Islands, as well as the

Balearic Islands and the mainland too. Greg Rodríguez, director of Triumph Real Estate, said the sector is experiencing both a surge in demand and a shrinking supply. Mr Rodríguez said:

"In Gran Canaria, we’ve seen the number of available properties on Idealista drop from around 5,600–5,900 last year to just 4,200–4,500 today, that’s roughly a 15% decrease". READ

MORE UK FACES 'SPANISH SCORCHER' HEATWAVE WITH 31C AS EXACT DATE IT STARTS ANNOUNCED “More property owners are opting for holiday lets, which further reduces the stock of homes

available for local buyers,” said Rodríguez. Article continues below "Construction used to cost around €700–800 per square metre. Now it's closer to €1,000–1,200," explained

Rodríguez. Spain is near the bottom end of Organisation for Economic Co-operation and Development countries with public housing for rent making up under 2% of all available housing. The OECD

average is 7%. In France it is is 14%, Britain 16% and in the Netherlands 34%. Angry renters point to instances of international hedge funds buying up properties, often with the aim of

renting them to foreign tourists. Article continues below Experts say the situation likely will not improve anytime soon. “This is not the first, nor will it be the last, (housing protest)

given the severity of the housing crisis,” Ignasi Marti, professor with the Esade business school and head of its Dignified Housing Observatory, said in an email. “We saw this with the

financial crisis (of 2008-2012) when (a protest movement) lasted until there was a certain economic recovery and a reduction in the social tension,” Mr Marti added.