Home mortgage uptick in October: Canary Islands see 3.5% increase

In October, Spain's real estate market faced a significant decrease in home sales and mortgages compared to the previous year, with the Canary Islands being an exception, where home mortgages grew by 3.5%.

In October, the real estate market saw a notable downturn in both home sales and mortgages compared to the previous year. Home sales and purchases totaled 44,454 transactions, an 11.4% decrease from October 2022. The decline was even more pronounced in home mortgages, which dropped by 22.4% year-on-year. However, the Canary Islands stood out as one of the few regions where home mortgages actually increased, showing a growth of 3.5%.

The ‘Real Estate Registry Statistics’ report by the Association of Registrars revealed a broader trend of decline in the property market. Overall, sales and purchases across all property types fell by 6.7% in October compared to the same month in the previous year, totaling 86,269 transactions. This trend has continued for eleven consecutive months.

Mortgages on all types of properties also followed a downward trajectory, with a significant double-digit decrease. October saw the constitution of 40,266 mortgages, a 23.4% decline from October 2022.

Home mortgage uptick in October: Canary Islands see 3.5% increase

Specifically, for dwellings, 30,850 mortgages were recorded in October, marking a 22.4% year-on-year fall.

The downturn in property transactions was widespread across regions. The Balearic Islands (-24.5%), Melilla (-20.4%), Cantabria (-16.2%), and the Canary Islands (-13.9%) witnessed significant annual decreases in total sales and purchases. In contrast, Navarre (+15%) and Extremadura (+7.9%) experienced increases.

Similarly, the total number of mortgages taken out in October saw sharp falls in several regions, with the steepest declines in Melilla (-57%), Madrid (-40.1%), Aragon (-38.7%), Cantabria (-37.7%), the Balearic Islands (-36.3%), Asturias (-34.1%), and the Basque Country (-33.5%).

Property sales and purchases also faced widespread declines, particularly in the Balearic Islands (-29.8%), Melilla (-28.8%), and Cantabria (+25.4%). Conversely, Navarre (+10.8%) and Asturias (+7.5%) saw increases.

In the sector of home mortgages, most regions experienced decreases, notably Melilla (-52.7%), Asturias (-41.2%), and Aragon (-41.1%). The only exceptions with increases were Castilla-La Mancha (+4.4%) and the Canary Islands (+3.5%).

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