The Canary Islands witness an 18.25% drop in home sales amidst worsening trend in July

In July, the Canary Islands' real estate market saw a sharp 18.25% year-on-year decrease in property sales and purchases, surpassing the national average decline of 10.53%, according to data from the National Statistics Institute (INE), with a total of 1,931 property transactions recorded in the region.

In July, the real estate market in the Canary Islands experienced a significant downturn, with property sales and purchases declining by 18.25% compared to the same month in the previous year. This decline was more pronounced than the national average, which saw a 10.53% decrease in property transactions, as reported by the National Statistics Institute (INE). The total number of property transactions in the Canary Islands for July amounted to 1,931.

Comparing the data to the previous month, the region also witnessed a sharp drop of 23.04% in property sales and purchases.

Breaking down the transactions, 1,861 of them involved free housing, while 70 pertained to officially protected properties. Regarding the age of the properties, 448 transactions were for new housing units, and 1,483 involved pre-owned homes.

In July, the overall property market in the Canary Islands recorded a total of 3,057 transactions. Apart from the 1,931 sales and purchases, there were 449 inheritances, 109 donations, and two exchanges.

The Canary Islands witness an 18.25% drop in home sales amidst worsening trend in July.

Across the Canary Islands, a total of 5,056 urban properties changed hands in July through various means, including 3,175 sales and purchases, 738 inheritances, 201 donations, 9 exchanges, and 933 transactions of other types.

Additionally, there were 682 rural property transfers, comprising 187 inheritances, 324 sales and purchases, 37 donations, no exchanges, and 134 transactions of another type.

In terms of regional performance, Extremadura stood out as the region with the best performance in property sales and purchases in July, experiencing a 5.25% increase year-on-year. This was followed by Asturias with a 3.76% increase and Murcia with a minimal 0.17% rise. On the opposite end of the spectrum were Galicia, the Canary Islands, and Navarre, which saw declines of 22.79%, 18.25%, and 17.19%, respectively, in property transactions year-on-year.

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