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Now officially at over 35%, depending upon which estimate you reference, some local experts are putting the figure at closer to 40%, a disaster by any standards.

Spain has the highest unemployment in Europe, and the Canary Islands have the worst figures for Spain, so the life for locals dependent on the tourist industry is worsening, poverty and hunger are real issues already.

Reports of owners selling apartments and bungalows for 50-75% less than the asking price in 2009 are increasing.

So who is buying properties in Gran Canaria now?

The answer seems to be Norwegians, Swedish, Germans and Russians according to buy and sell websites / forums for this part of the word.

For those who have 50-100K disposable now there exists a good range of small holiday let style apartments across the Islands.
Even a sales boom on low cost housing doesn't help the local economy

Most of the owners selling low cost apartments tend to own more than one apartment, an average number may well be 3 or 4 for many and they are selling one to service the debts they have, so they are not spending / stimulating the economy in any noticeable way
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