Housing sales dropped by 20% in the Canary Islands in October

The real estate market in the Canary Islands experienced a significant downturn in October, witnessing a 20.51% decline in housing sales compared to the same month the previous year. This contrasts with a national decrease of 11.09%, as reported by the National Institute of Statistics (INE).

Despite the substantial drop, there is a slight improvement of 19.6 points in the year-on-year rate when compared to the figures from the previous month.

According to the INE data, a total of 1,736 housing transactions took place in October across the Canary Islands. Out of these, 1,661 involved free-market properties, while 75 were related to officially protected housing. The breakdown by property age reveals that 408 transactions were for newly constructed homes, while 1,328 were associated with existing buildings.

In October, a total of 2,803 property transactions occurred, encompassing not only the 1,736 home sales but also 465 inheritances, 142 donations, and 21 exchanges.

During the same period, 4,542 commercial properties changed hands in the Canary Islands, involving 2,696 sales, 778 inheritances, 197 donations, 32 exchanges, and 839 transactions of other types.

Additionally, there were 676 transactions involving rural properties, including 230 inheritances, 239 sales, 28 donations, and 179 other types of transactions.

Breaking down the data by region, Navarra emerged as the top-performing region of Spain in October, experiencing a 10.07% increase in housing sales compared to the previous year. Extremadura followed with a 6.74% rise, and Asturias with a 3.38% increase. Conversely, the Canary Islands ranked among the regions with the largest declines, alongside the Balearic Islands and Cantabria, with drops of 20.51%, 29.8%, and 25.41%, respectively.