The number of mortgages constituted on homes registered in the property registries in the Canary Islands increased by 39.9% in June compared to the same month in 2024, above the average increase in the country as a whole, which was 31.7%.
This represents the seventh-highest growth among the autonomous communities, led by Aragon (96.8%), Extremadura (65.3%), and Cantabria (63.3%).
The lowest growth in mortgage constitution occurred in the Balearic Islands (12.5%) and the Community of Madrid (20.6%).
In total, 41,834 operations were carried out in the sixth month of the year, according to data published by the National Institute of Statistics (INE) this Wednesday.
With this, the signing of mortgages has increased by 24.9% in the first half of the year, but in June it decreased by 1% compared to May, the month in which 42,274 mortgages were signed.
The maintenance of the pace of mortgage signing coincides with the beginning of the change of course in the monetary policy of the European Central Bank (ECB), which began its path of interest rate cuts in June 2024, when it lowered rates from 4.5% to 4.25%.
The average amount of mortgages on homes increased by 15.5%
The average amount of mortgages on homes increased by 15.5%, to 168,363 euros.
According to the INE, the average interest rate for these operations was 2.99%, an increase of 2.75% compared to May (2.91%), although it has been chaining five months in which the average interest remains below 3%. The average term was 25 years.
Of these, 28% were constituted at a variable interest rate, while those at a fixed rate were at 72%.
The average interest rate, however, was 3% for mortgages on homes at a variable rate, and 2.98% for those at a fixed rate.
For its part, the average amount of mortgages on the total of properties registered in the property registries (from public deeds carried out previously) increased by 6.9% in June.
Thus, the capital lent for the total of loans increased by 45.7% compared to the previous year, to 9.78 million euros, the highest figure since October 2024. Meanwhile, the capital lent for home mortgages rose by 52.1%, to exceed 7 million euros, which had also not happened since that date.
The total number of mortgages with changes in their conditions registered in the property registries decreased by 10.8%, compared to the same month of the previous year.
And the novations, which are the modifications with the same financial entity, decreased by 8.9%; the subrogations to the debtor, when the owner changes, decreased by 4.7% and the subrogations to the creditor, when the entity changes, by 38.7%.
75.5% of the 12,977 mortgages with changes in their conditions, responded to modifications in interest rates.
