The Canary Islands Record The Largest Drop in Home Sales in Spain in January

Canary Islands

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The Canary Islands registered the largest drop in home sales last January, specifically 5% compared to the first month of 2023, according to data managed by notaries.

Trend that contrasts with the rebound experienced at the national level , with an increase of 7.3% year-on-year .

A return to the path of growth that was also recorded by mortgage loans for the purchase of a house, which increased another 7.6%. In the Canary Islands they fell 1.1% .

In addition to these increases, which leave behind the falls recorded throughout 2023 as a consequence of the impact that the successive increases in interest rates had on the market to curb inflation, the notaries point to a growth in the price of housing in 4.2%.

The increases recorded in January in these real estate indicators occur after home sales fell by 11.2% in 2023 compared to the previous year and mortgages fell more sharply, by 21.3%, declines that They were chained month by month throughout the year.

Sales grow in 14 communities

In January, 48,517 home sales were recorded. Specifically, apartment transactions increased 9.7% year-on-year to 37,935 units, while single-family transactions decreased 0.7% with 10,582 transactions.

Home sales grew in fourteen communities and decreased in the remaining three.

The greatest advances occurred in Cantabria (37.9%), Galicia (23.2%), Asturias (20.6%), Navarra (16.5%), Castilla y León (14.2%), Aragón ( 11.9%), Extremadura (10.1%), Andalusia (9.9%), Madrid (9.8%) and Castilla-La Mancha (9%).

On the contrary, the falls were recorded in the Canary Islands (-5%), the Basque Country (-1.5%) and La Rioja (-0.6%) .