INE statistics show that property sales in the Canary Islands fell by 18% in July

  • Canarian Weekly
  • 22-09-2023
  • Business
  • Photo Credit: Stock image
INE statistics show that property sales in the Canary Islands fell by 18% in July

In a new report published by the National Institute of Statistics (INE), it has been revealed that the property market in the Canary Islands experienced a significant downturn in July, with a decline of 18.25% compared to the same month in the previous year, which surpasses the national average drop of 10.53%. Furthermore, when comparing July to the preceding month, property sales in the Canary Islands plummeted by 23.04%.

Out of the total property transactions recorded in July in the Canary Islands, 1,861 were for freehold properties, while 70 were for officially protected properties. When considering the age of the properties involved in these transactions, 448 were new constructions, whereas 1,483 were related to existing buildings.

In July, a total of 3,057 property transactions took place. This includes not only the 1,931 property sales but also 449 inheritances, 109 donations, and two property exchanges.

Overall, during July, there were 5,056 urban properties transferred in the Canary Islands, consisting of 3,175 property sales, 738 inheritances, 201 donations, 9 property exchanges, and 933 other types of property transactions.

Additionally, 682 transactions occurred involving rural properties in July, which involved 187 inheritances, 324 property sales, 37 donations, no property exchanges, and 134 other types of property transactions.

When examining property sales on a regional level, Extremadura emerged as the best-performing area in July in terms of year-on-year property sales, with an increase of 5.25%, followed by Asturias (3.76%) and Murcia (0.17%). In contrast, Galicia, the Canary Islands, and Navarra found themselves at the lower end of the ranking, experiencing declines of 22.79%, 18.25%, and 17.19%, respectively.