The housing market in the Canary Islands experienced a significant downturn in June, with sales dropping by 20.1% compared to the same month last year. This decline is notably bigger than the national average decrease of 6.12%, as reported by the National Statistics Institute (INE).
Despite this year-on-year decrease, housing sales in the Canary Islands saw a month-on-month increase of 9.6% compared to May 2024.
In June, a total of 1,964 home property transactions were recorded in the Canary Islands. Of these, 1,879 were for ‘freemarket’ properties, while 85 involved subsidised housing. Breaking down the transactions by the age of the properties, 593 were for new homes and 1,371 for pre-owned properties.
In a broader context, June saw a total of 4,977 commercial property transactions in the Canary Islands. This figure encompasses 3,093 sales, 800 inheritances, 163 donations, 17 exchanges, and 904 other types of transactions. Additionally, there were 684 transactions involving rural properties, including 181 inheritances, 312 sales, 56 donations, and 135 other transactions, with no exchanges recorded.
Comparatively, Galicia saw the most positive performance in housing sales in June with a year-on-year increase of 9.99%, followed by Murcia with a 6.05% increase, and La Rioja with a slight rise of 0.29%.
On the other end of the spectrum, the Canary Islands, the Balearic Islands, and Aragon experienced the most significant declines, with decreases of 20.13%, 17.55%, and 14.16%, respectively.
