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.
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%).
