The sale and purchase of homes in the Canary Islands experienced a significant turnaround in July, growing by 19.1% compared to the same month last year, closely mirroring the national increase of 19.42%. This positive trend marked a return to growth after a period of negative rates, with a total of 2,342 transactions recorded. Compared to the previous month, there was also a notable rise of 19.2%, as reported by the National Statistics Institute (INE).
Strong Performance in July
The 2,342 home sales and purchases recorded represent the fourth-best performance for a July in the historical series for the Canary Islands, indicating a robust recovery in the region’s real estate market.
Breakdown of Property Transactions
- Type of Residences: Out of the total transactions in July, 2,266 involved free-market residences, while 76 were for state-subsidized properties.
- Age of Properties: 662 transactions involved new dwellings, whereas 1,680 were related to previously owned buildings, demonstrating a strong interest in both new and existing homes.
Additional Property Transactions
In total, there were 3,641 transactions involving homes in July. Beyond the 2,342 sales and purchases:
- 607 were inheritances,
- 95 were donations, and
- 5 were exchanges.
Total Urban and Rural Property Transfers
The Canary Islands saw a total of 6,033 urban property transfers, distributed as follows:
- 3,964 sales and purchases,
- 926 inheritances,
- 160 donations,
- 17 exchanges, and
- 966 other types of transactions.
Regarding rural properties, there were 749 transfers in total, including:
- 203 inheritances,
- 338 sales and purchases,
- 49 donations,
- 2 exchanges, and
- 157 other types of transactions.
Comparative Performance Across Spain
The sale and purchase of homes increased across almost all Spanish communities, with Navarra (+42.33%), Cantabria (+32.10%), and La Rioja (+31.60%) leading the growth. The only region that did not experience an increase was the Balearic Islands, which saw a slight decline of 2.46%.
This growth in the Canary Islands demonstrates a strong rebound in the real estate market, reflecting improved confidence and activity in both urban and rural property transactions.
