Skyrocketing prices lead to a 40.11% decline in home purchases across the Canary Islands

The volume of sales and purchases in the Canary Islands experienced a month-on-month decline of 23.74% compared to the prior month.

In September, the Canary Islands saw a significant downturn in property sales and purchases, plummeting by 40.11% compared to the same month in the previous year. This decline sharply contrasts the national average drop of 23.67%. The total number of transactions in the region amounted to 1,590, as reported by the National Statistics Institute (INE).

This decline in sales and purchases was also evident on a month-on-month basis, where the region experienced a 23.74% reduction.

Breaking down the figures, of the total transactions in the Canary Islands in September, 1,509 involved free housing and 81 were related to officially protected properties. Regarding the property age, 376 deals were for new homes, while 1,214 transactions concerned used buildings.

Skyrocketing prices lead to a 40.11% decline in home purchases across the Canary Islands

The overall housing transactions in September reached 2,611. This figure includes not only the 1,590 sales and purchases but also 466 inheritances, 65 donations, and eight property swaps.

Expanding the scope to all urban properties, the Canary Islands witnessed 4,354 transfers in September. These comprised 2,615 sales and purchases, 738 inheritances, 113 donations, 21 swaps, and 867 other types of transactions.

In the rural sector, there were 712 property transfers, which included 219 inheritances, 283 sales and purchases, 31 donations, no exchanges, and 179 other transaction types.

Regionally, the Canary Islands experienced the most severe decline in sales and purchases at 40.11%, followed by Extremadura with a 32.19% drop and Aragon at 31.10%. On the brighter side, regions like Castilla – La Mancha, Castilla y León, and Asturias recorded the least declines at 7.66%, 12.34%, and 13.86% respectively, though they too saw a decrease in property transactions.

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