Property sales fall by 29% in the Canary Islands in April

The General Council of Notaries indicates that the property sales fall in the Canary Islands as the price has gone up by over 12%.

The sale and purchase of homes fell by 29% in the Canary Islands in April, compared to the same month last year, although the average price of properties increased by 12.6%, according to data from the General Council of Notaries published this Wednesday, which also shows that loans fell by 22.3%.

In Spain, the number of home sales and purchases fell by 20.7% year-on-year last April, to 49,639 transactions, while the average price per square metre stood at 1,622 euros, 0.9% more than in April 2022.

By type of housing, sales of flats fell by 20.2% year-on-year to 38,269 units, while sales of single-family homes fell by 22.3% year-on-year to 11,370 units.

Flat prices fell by 0.2% last April compared to the same period in 2022, to 1,787 euros per square metre, while the price of single-family homes averaged 1,308 euros per square metre, an increase of 1.5%.

By Autonomous Community, the sale and purchase of dwellings fell in all of them in year-on-year terms, with the most moderate fall being recorded in Murcia, at 9.3%.

Specifically, the decreases below the national average (-20.7%) were recorded in Aragón (-20.4%), Comunidad Valenciana (-15.9%), Extremadura (-14.8%), Castilla-La Mancha (-12.8%), Galicia (-10.2%) and Castilla y León (-9.8%).

The falls above the national average were in La Rioja (-33.6%), the Canary Islands (-29%), Madrid (-28.9%), the Basque Country (-25.1%), Navarre (-25%), the Balearic Islands (-23.7%), Andalusia (-22.4%), Asturias (-22.4%), Catalonia (-21.9%) and Cantabria (-21.4%).

For its part, the price per square metre rose by 0.9% year-on-year at the national level last April. Prices increased in 15 communities and fell in two, specifically in La Rioja (-9.5%) and the Basque Country (-1.6%).

The highest price rises, on the other hand, were recorded in Castile-La Mancha (+20.3%), Aragon (+17.2%), the Canary Islands (+12.6%) and Asturias (+11.7%).

Mortgage loans for house purchase fell by 31.9% year-on-year last April, to 21,884 transactions. The average amount of these loans fell by 6.4% year-on-year to 142,306 euros.

The percentage of home purchases financed through a mortgage loan stood at 44.1% last April. Moreover, in this type of financed purchases, the amount of the loan represented on average 70.6% of the price.

At the regional level, mortgage loans for house purchases have now gone five months without growth, and exceeded negative rates of 25% in the Basque Country (-31.8%), Andalusia (-31.5%), Castile-La Mancha (-29.1%), Asturias and Galicia (-28.5% in both cases) and in the Valencian Community (-25.3%).

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