Addressing Economic Realities in the Canary Islands

Casimiro Curbelo, a key figure in the governance of the Canary Islands, candidly addresses the pressing challenges that demand attention. With eight months left in the current legislative term, he stresses the importance of focusing on real issues rather than political showmanship. Rising inflation, stagnant wages, and increasing costs are impacting daily life, requiring immediate action.

We recognize the economic pressures, such as inflation and rising living costs. When clients come to us, we ensure they grasp the economic climate and how it could affect their property choices in the Canary Islands.

Curbelo highlights the intricacies of the global economy and the need for the Canary Islands to adapt to the EU’s new financial framework. The region must finalize its 2027 budget, emphasizing the enhancement of essential services and investments. The recent allocation of 1,337 million euros is crucial, but managing these resources effectively is equally important.

We guide our clients through the financial landscape, helping them understand how regional budgets and investments may influence their property decisions.

The upcoming approval of a real decree law by Congress is pivotal for the Canary Islands’ financing system. The Fdecan agreement promises a 2,600 million euro investment over ten years for public bodies. Ongoing discussions cover various sectors, including infrastructure and housing.

We keep a close eye on legislative developments that could impact property development and availability, offering informed guidance to our clients.

Curbelo also emphasizes the necessity for economic diversification beyond tourism, which currently dominates the economy. He advocates for increased investment in research and development and fairer wealth distribution. With the inflation rate now at 3.8%, these issues are more pressing than ever.

He underscores the need for improved transport links and infrastructure, particularly concerning the port of Los Cristianos and the challenges faced by non-capital islands. The slow pace of decision-making is troubling, and Curbelo calls for better planning to address these issues effectively.